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August 17, 2022

Anglo-Romanian Bank closes Bucharest offices

Anglo-Romanian Bank, the London-based subsidiary of the Banca Comerciala Romana (BCR) group ceased on July 1st its banking operations and services to customers provided through its Romanian subsidiary, as part of the dissolution process, ‘Ziarul Financiar’ reports. The bank has closed its offices of Bucharest, Constanta, Sibiu and Timisoara, and transferred all customers’ accounts to BCR. Actually, all the assets of the bank were transferred directly to BCR, which also took over the intangible assets and the operational infrastructure, including the software. Once the bank will complete the closure procedures in the UK, it will also close its central office of London. The Anglo-Romanian Bank was formed 30 years ago, as a joint-venture between former Bancorex, Barclays Bank International, and Manufacturers Hanover International Banking Corporation, New York. It was purchased by BCR in 1999. In 2008, the Austrian group Erste decided to sell the bank, also because it was competing against the group’s own branch of London. But the advent of the financial crisis prevented them from finding a buyer, so they submitted the bank to a restructuring and optimisation process that resulted in closing the Frankfurt branch in 2009. Towards the end of 2010, Erste made the final decision to dissolve the entity: BCR takes over the customer and business portfolio of the Romanian branch, while the London operations are liquidated and will transfer their assets and customers to the British branch of the Austrian group.

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