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February 9, 2023
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BNR opposes OTP Bank Romania’s intention to buy 99.8 pc of Banca Romaneasca

The National Bank of Romania (BNR) opposes OTP Bank Romania’s intention to buy 99.28 percent of Banca Romaneasca and points out that the reasons for its decision to do so cannot be revealed, a communique released by the institution shows.

“The National Bank of Romania informs that, on the grounds of Government Emergency Ordinance no.99/2006 on credit institutions and capital adequacy, approved with amendments and supplements brought by Law no.227/2007, of BNR Regulations no.6/2008 on the starting of activity and modifications to the situation of credit institutions, Romanian legal persons and Romanian branches of credit institutions from other countries, and also of BNR Regulations no.11/2007 on the authorisation of credit institutions, Romanian legal persons and Romanian branches of credit institutions from other countries, it opposes the intention of OTP Bank Romania, and OTP Bank Nyrt respectively, to purchase a direct qualifying holding (99.28 percent) of the share capital and voting rights of Banca Romaneasca, member of the National Bank of Greece Group,” the document reads.

The Central Bank points out that the reasons for the decision cannot be revealed.

“We reiterate the fact that, according to Article 52 of Law no.312/2004 on the Statute of the National Bank of Romania, the information obtained during the exercise of the Central Bank’s prerogatives in what concerns the field of authorising, regulating and exercising prudential supervision of credit institutions is considered a professional secret and entails the observance of the correlative obligation to maintain confidentiality, and can be revealed only in conditions explicitly stipulated by law,” the source points out.

Last summer, OTP Bank’s Romanian division announced that the National Bank of Greece had signed an agreement with OTP Bank Romania for the purchase of the package of Banca Romaneasca shares it owns, Agerpres informs. The operation through which OTP Bank Romania was set to take over Banca Romaneasca and some of its Romanian assets was authorised by the Competition Council last December.

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