EximBank and Banca Romaneasca (BROM) are kicking off the merger by absorption process after, on Monday, the General Assembly of BROM Shareholders expressed its agreement in principle for this operation and empowered the administrators of the Banca Romaneasca to draw up the merger project, according to a press release of the banks."It is a first stage that we are going through in a project that represents a huge step towards building a strong Romanian bank that will compete on an equal footing with the top players of the banking market. There is a very good complementarity between the business models of EximBank - specialized in corporate banking and Banca Romaneasca - with relevant experience in the retail banking segment, and the resulting synergies will create the premises for efficiency and financial performance, which will support a sustainable growth in the future. It is an ambitious and complex process, full of challenges for the teams of both banks, which I am convinced that we will successfully complete by the end of this year. A year with a special extra significance for both banks, which are at the anniversary of 30 years of activity on the banking market," said Traian Halalai, executive president of EximBank.The price paid by EximBank for BROM was almost 60 million euros, for a purchased capital of approximately 130 million euros. In addition to the price paid for the capital, the total transaction included the repayment of the subordinated loan granted to the Banca Romaneasca by NBG (National Bank of Greece), amounting to EUR 65 million, and the repayment, by BROM, of the intragroup financing received from the parent bank, amounting to EUR 90 million, paid by Banca Romaneasc? from its own liquidities. The transaction did not involve any funding from the state budget.EximBank is a specialized institution that is actively involved in supporting and promoting the Romanian business environment. Its financial instruments can be accessed by any type of company, whether it is a SME or a large company, conducts international transactions, or addresses the internal market. The companies also have at their disposal a competitive portfolio of treasury products, cash management, trade finance and factoring, which complete the financing and guarantee offer. At the end of 2021, EximBank ranked in top 10 largest banks by assets in Romania.Banca Romaneasca offers its clients, individuals and legal persons, a wide range of quality products and services adapted to the needs of each one. With a territorial network of almost 85 branches and agencies, Banca Romaneasca is currently positioning itself - through the diversified solutions it proposes to the financial needs of individuals and legal entities - as a top financial-banking institution in terms of accessibility and competitiveness.
The Atlantic Council will honor Romanian president Klaus Iohannis with the Distinguished International Leadership Award for his remarkable career, exemplary leadership of Romania, and his transatlantic and European leadership role. The Atlantic Council’s Distinguished Leadership Awards are often referred to by media as “the Washington Oscars.” Among the honorees are a European head of state, […]
The colorful rapeseed fields in the southern part of Romania have been photographed by NASA from a satellite and featured in an accompanying article titled “Golden Fields in Romania.” The spectacular images were taken last month above the area where the Olt River intersects with the Danube. According to the article, NASA personnel were impressed […]
UiPath, an AI-based company founded by Romanian entrepreneurs and listed on the New York Stock Exchange in 2021, has recruited Raghu Malpani as Chief Technology Officer. Malpani, who was Corporate Vice President at Microsoft for the Microsoft 365 Application and Data Platform will report to the Director of Innovation and the Executive President of UiPath, […]
Production and new orders rise after nine straight months of decline Business confidence picks up, while hiring is back on the agenda Cost inflation eases and selling prices rise only fractionally An improvement in the health of the Romanian manufacturing sector was signalled for the first time in the survey's history, according to the latest […]
Raiffeisen Bank Romania continues its growth strategy in personal financial planning, up 50% in the first quarter of the year in the segment of investment plans, voluntary pensions and life insurance with a savings component. At the same time, it continued to support SMEs and accelerated investments to launch new functionalities in the mobile banking […]
Road crews have begun snow removal on Romania’s spectacular mountain road known as Transfăgărășan. Since there is less snow than in other years, the road could be opened much earlier than the usual date of July 1, according to authorities. Transfăgărășan, Romania’s second-highest road after Transalpina, is being cleared of snow so it can be […]
