EximBank and Banca Românească start the merger procedures
Bucharest, February 28, 2022 – EximBank and Banca Românească (BROM) start the merger through absorption procedures after the pre-integration period and following the today decision of the BROM General Shareholders Meeting expressing the agreement in principle for this operation and empowering the administrators of Banca Românească to draft the merger project.
“It is the first stage in a project representing a huge step in building a strong Romanian bank that will compete head-to-head with the top players on the banking market. There is a high complementarity between the business models in EximBank – specialized in corporate banking and Banca Românească – having a relevant experience in retail banking and the derived synergies will base the financial performance and increased efficiency that will support a sustainable future growth. It is an ambitious and complex process, highly challenging for both teams and I am convinced we will manage it successfully by the end of this year that is a benchmark for both banks, marking 30 years of continuous presence on the banking market.”, said Traian Halalai, Executive President oof EximBank. He added that the two banks will continue to function separately until the integration process ends.
Following successive negotiations rounds EximBank and National Bank of Greece (NBG) have signed on June 20, 2019, the acquisition of the main shares package of Banca Românească and in December 2019 the transaction received the non-pledge notification from the Competition Council and the Central Bank of Romania, the relevant governing bodies for this transaction. Once the compulsory normative requirements have been met as well as the other elements provided in the agreement signed by EximBank and National Bank of Greece, in January 2020 all the necessary conditions for closing the transactions have been fulfilled.
The price that EximBank paid for the BROM shares amounted at approximately Euro 60 million, for an acquired capital of approximately Euro 130 million. Along with the price paid for the capital, the total transaction included reimbursing a subordinate loan granted to Banca Românească by NBG, amounting at Euro 65 million and the reimbursement by BROM of an intra-group financing from the mother-bank amounting at Euro 90 million, both paid by Banca Românească on its own. The transaction did not involve state budget financing.
About EximBank
EximBank is a specialized institution that is actively involved in supporting and promoting the Romanian business environment. Its financial instruments are dedicated exclusively to the corporate segment. Any company can access them, whether an SME or a large company, conducts international transactions, or addresses the domestic market. The companies also have at their disposal a competitive portfolio of the treasury, cash management, trade finance, and factoring products, which complete the financing and guarantee offered. At the same time, as it acts as a state agent on the guarantees and insurance market, EximBank is one of the tools through which public funds, made available by the Romanian state, support the sustainable development of the economy. At the end of 2021, EximBank reached Top 10 ranking for banks based on assets in Romania.
About Banca Românească
Banca Românească is offering to its clients, companies and retail, many quality products and services tailored to their specific needs. Having a national network of 85 branches and agencies, Banca Românească is positioning itself throughout diverse solutions that presents to its clients as a top financial-banking institution in terms of accessibility and competitiveness.