Vista Bank has reached an agreement with Crédit Agricole Group for the acquisition of the shares (100%) in Crédit Agricole Romania. The acquisition is pending to the approval by the National Bank of Romania and the Romanian Competition Council and is expected to be finalized during the 1st half of the year.
Once the acquisition is completed, Vista Bank will have total assets of above €1.2 billion, loans of €750 million, deposits of €1.1 billion and more than €105 million CET1 capital.
Mr. Stavros Lekkakos, Chairman of Vista Bank Board of Directors says: “The acquisition of Crédit Agricole Romania represents a key milestone for Vista Bank and is in alignment with our strategy to further increase and consolidate our position in the market. We are focused to support the Romanian economy creating value for all the stakeholders, customers, employees, shareholders. We would like to thank the representatives of Crédit Agricole for their cooperation and professionalism in this transaction.”
PWC and David & Baias provided tax & legal advice, while Deloitte conducted financial due diligence on certain matters.
Vista Bank is operating in Romania since 1998 through a network of 31 branches and 320 employees providing a full range of products and services to local and international clients. Crédit Agricole (Romania) has a network of 14 branches, total assets of €535 million, deposits of €410 million and loans of €395 million.