Intesa Sanpaolo to acquire First Bank, doubling Group’s presence in Romania
Intesa Sanpaolo acquires Romania’s First Bank from US-based private investment fund J.C. Flowers & Co., strengthening its presence in the CEE region and doubling the Group’s presence in the country.
More in detail, Intesa Sanpaolo and JCF Tiger Holdings S.A.R.L., the controlling shareholder of First Bank S.A., have signed a share purchase agreement for the acquisition of 99.98% of the shares in First Bank S.A..
First Bank is a commercial bank with 40 branches in Romania and with total assets of around €1.5 billion, focused on serving SMEs and retail customers.
Romania is a high-growth country - GDP growth is expected to surpass 3% over the next two years - with strong ties to Italy. The Group's expansion in the area will therefore further support the internationalization of Italian companies while supporting local clients.
The transaction is expected to close by the first quarter of 2024, pending approval by the competent regulatory authorities.
Intesa Sanpaolo is already present in Romania with Intesa Sanpaolo Bank Romania – part of the Group’s International Subsidiary Banks Division: with total assets of around €1.5 billion, it serves around 60,000 customers through 34 branches.
Intesa Sanpaolo’s International Subsidiary Banks Division
Intesa Sanpaolo’s International Subsidiary Banks Division (ISBD) is a key player in the financial landscape of the Central and Eastern European region: with 11 commercial banks in CEE and Egypt, along with a wealth management company in China, the Division operates across three continents.
Its expansive network caters to over 7 million clients, through nearly 900 branches and a dedicated workforce of some 21,000 employees.
In the first half of 2023, ISBD contributed significantly to Intesa Sanpaolo's profitability, accounting for 17% of the Group’s profits. The Division’s net income for the first half has more than tripled to €679 million.
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Last updated 4 January 2024 at 09:10:00
