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December 7, 2021
BUSINESS

Banca Carpatica – Patria Bank merger effective as of May 1

Banca Comerciala Carpatica (BCC) and its majority owner Patria Bank confirmed their merger will become effective as of May 1, 2017 as a result of the completion of all the procedures provided by the law and in accordance with the merger project approved by the shareholders of the two banks.

“Customer information was handled as a priority on April 26, 2017, as the little time left until the merger is a shortcoming the two banks are aware of; therefore all efforts are being made to minimize the impact experienced by the retail and corporate customers. The effective implementation of the merger involves a series of complex processes that will take place at the end of April and in early May (between 28.04 – 02.05.2017), and that will cause temporary disruptions in the provision of certain services,” Patria Bank informs in a release.

With the effective implementation of the merger as of May 1, 2017, the new General Banking Conditions applicable to all merged banks’ customers will enter into force.

Patria Bank and Banca Comerciala Carpatica will become one bank named Patria Bank, and which will be further listed on the Stock Exchange. The new institution, which serves over 240,000 customers and has 3,816 billion lei in assets, will be present in 73 cities nationwide, through 111 branches. The new entity will be dedicated to increasing the banking degree in Romania and supporting local entrepreneurs.

In spring 2016 Patria Bank became Banca Comerciala Carpatica majority shareholder with a stake of over 64 pct; BCC became a member of the Patria Bank Group, the majority shareholder of which is the Emerging Europe Accession Fund, a private equity fund whose main investors are the European Bank for Reconstruction and Development, the European Investment Fund, DEG and the Black Sea Trade and Development Bank

Patria Bank Group includes Patria Bank, Banca Comerciala Carpatica, Patria Credit IFN, SAI Carpatica Asset Management and SAI Intercapital Invest.

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