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 in 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
Last updated 31 October 2023 at 11:12:22