Intesa Sanpaolo has successfully completed the acquisition of the Romanian group First Bank S.A. (Romania) from the US-based private investment fund J.C. Flowers & Co. Following the signing, on October 28, 2023, by Intesa Sanpaolo S.p.A. and JCF Tiger Holdings S.A.R.L., the majority shareholder of First Bank S.A., of a sale-purchase agreement for the acquisition of 99.980513% of the shares of First Bank S.A. and after obtaining all necessary approvals from all relevant regulatory authorities, Intesa Sanpaolo has today completed the acquisition of First Bank. The acquisition of First Bank allows Intesa Sanpaolo to double its presence in Romania, a country in which it has been active since 1996 through Intesa Sanpaolo Bank Romania. The acquisition significantly strengthens the competitive positioning of the Intesa Sanpaolo Group on the local market, including it in the top 10 banks in Romania. Together, Intesa Sanpaolo Bank Romania and First Bank total assets of approximately 3.2 billion euros, serve approximately 143,000 customers and have over 1,500 employees. The two banks – First Bank and Intesa Sanpaolo Bank Romania – are now part of the Group’s International Subsidiary Banks Division, a key player in the Central and Eastern Europe region, offering services to retail, corporate and SME customers. Marco Elio Rottigni, Head of the Group’s International Subsidiary Banking Division, said: “We warmly welcome First Bank employees and customers to the Intesa Sanpaolo Group, one of the largest and strongest banking groups in Europe. Consolidating our presence in Romania will stimulate Italian and foreign investments in this country, intensify trade and support the internationalization of SMEs. Our development will stimulate innovation at the economic level, for the benefit of individuals and legal entities”.
Dozens of towns and other localities across Romania will receive digitalized eco-islands for waste collection after an EUR 260 million project initiated by the Environment Ministry. The funding for the program is provided through the EU-backed National Recovery and Resilience Plan, or PNRR. The first eco-islands were installed in the towns of Dărmănești and Moinești, […]
MEP Victor Negrescu recently announced that Romania is on the "final stretch" toward full accession to the Schengen area. Romanian authorities on the governmental side showed increased optimism in the matter in the last weeks as the presidential elections draw closer. Negrescu, a vice-president of the European Parliament for the Social Democratic group, made the […]
Farmland prices in Romania have seen a sharp increase over the past decade, with some regions experiencing rises of up to 40%, according to a new report by Appraisal & Valuation SA (BVB: APP), the company behind the NAI Romania & Moldova brand. Driven by strong investor interest, infrastructure improvements, and rising demand for agricultural […]
The new supply of retail projects could exceed the threshold of 200,000 sqm in Romania in 2024, considering that 140,000 sqm of shopping centers and retail parks were delivered nationwide in Q1-Q3, according to real estate consultancy company Cushman & Wakefield Echinox. By comparison, in 2023, developers completed 213,000 sqm of new retail spaces, a […]
The representation of Romania’s equity market in the MSCI Frontier Markets indices is set to grow, with two additional Romanian companies slated for inclusion in MSCI's global benchmark indices. Starting November 26, 2024, shares of Turbomecanica (TBM) and Prebet Aiud (PREB), both listed on the Bucharest...
Flip.ro, a company specializing in selling refurbished phones, tablets, and laptops, made sales worth EUR 2 million on the first day of its Black Friday campaign, November 7. The Romanian startup promotes sustainable shopping and a circular economy by offering consumers expertly refurbished devices, with a 2-year warranty. This year, over 1,000 orders were placed […]
