4.2 C
Bucharest
March 2, 2021
BUSINESS

Umbrarescu buys ATE Bank Romania from Piraeus

Businessman Dorinel Umbrarescu signed an accord with Piraeus Bank for taking over the subsidiary ATE Bank Romania and will pay EUR 10.3 M for 93.27 pc of the bank, the Greek banking group announced Wednesday. The takeover will be conducted after the completion of the transfer of most assets and liabilities to Piraeus Bank Romania and after receiving the go-ahead from regulatory institutions. Last October, the announcement came that ATE Bank Romania, which had been bought at the middle of last year by Piraeus Bank, will be partly purchase by several Romanian investors, which will capitalise it initially to EUR 60 M, then more investors – SIFs included – will be attracted in 2013 and the capital will reach EUR 200 M. Among the possible investors were names like Gruia Stoica or Dorinel Umbrarescu, joined by the five financial investment companies.

The new bank will allegedly be led by the first vice-president of Raiffeisen Bank, Marinel Burduja, who is also the artisan of the negotiations. Burduja was appointed Monday to the Board of Leumi Bank, a decision confirmed by him and by officials of the bank. Appointing Burduja as member of the Board might suggest that the Israelis of Leumi are willing to give up their Romanian branch, if they receive a good offer.

Related posts

Asirom VIG, Insurance Excellence Award

Nine O' Clock

Romania, refunded EUR 20 M by EU from last year’s budget excedent

Test

EY research: Early-mover advantage in strategic investments may hold the key to post-crisis recovery

NINE O'CLOCK