Intesa Sanpaolo SpA has concluded negotiations for the acquisition of First Bank in Romania from the American investment fund J.C. Flowers, according to market sources. Some of First Bank’s employees have already been informed about this transaction through an internal communication. Marco Elio Rottigni, Head of the International Subsidiary Banks Division at Intesa Sanpaolo, stated, “We welcome First Bank’s employees and customers to the Intesa Sanpaolo Group. This operation doubles our presence in Romania, a country with significant economic growth and strong ties to Italy, aligning with our strategy to leverage value opportunities while maintaining a focus on organic growth and profitability stimulation. The expansion into Romania reinforces our position as a strong bank in Central and Eastern Europe and actively supports the internationalization of Italian companies. We look forward to soon collaborating with our new colleagues.” The transaction is subject to approval from relevant regulatory and competition authorities and is expected to be completed in the first half of 2024. As of December 2022, Intesa Sanpaolo is Italy’s largest bank with assets totaling €975 billion. Intesa Sanpaolo Bank is the subsidiary of the Intesa Sanpaolo Group in Romania. Initial reports regarding a potential deal had emerged earlier in the summer. Following the acquisition of First Bank, Intesa could potentially secure a position in the top 10 banks in Romania based on assets. This month, PKO Bank Polski, Poland’s largest bank in terms of assets, announced its intention to enter the Romanian market, where it will commence operations in 2024.
Deloitte Romania assisted AQUILA, leader in the integrated distribution and logistics services for the fast-moving consumer goods market in Romania and the Republic of Moldova, in the acquisition of Romtec Europa, the company that produces car care fluids and aerosols. The transaction, valued at 3.2 million euros, was signed in December 2023 and completed recently, following approval from […]
CBRE Romania, the leader in providing commercial real estate services, launches an analysis regarding the business potential and alternative investment and development opportunities in Timiș County. According to the analysis, Timiș stands out as a vital centre of Romanian agriculture, ranking first in agricultural area with 693.034 hectares and second in organically cultivated land area. […]
By the end of 2024 the stock of modern retail spaces will overpass 4.5 mln. sq. m setting a new record for Romania. Circa 186,000 sq. m could be added to country’s modern retail stock if taking into consideration under-construction projects. The popularity of the specialized format is noticed in the forecasted developments, claiming 95% […]
The average office fit-out costs have increased by around 15-20% during the past 12 months, but they still remain among the lowest in the Central and Eastern Europe (CEE), according to data from the Cushman & Wakefield Echinox real estate consultancy company. With an average level of €943 per sq. m of office space, the […]
Romania is present at the 10th edition of the EU-Startups Summit in Malta, the biggest event for tech startups in Europe, through RoTechMission, a delegation organized by DiFine PR, Techcelerator and ROTSA (Romanian Tech Startups Association). More than 2,000 people, including 1,000 entrepreneurs and 300 investors, will attend the event, which takes place from May […]
AeroVacanțe, part of the Aerotravel group, is betting in 2024 on new destinations, more accessible for Romanians, as a result of the growing demand for holidays in new destinations untouched by mass tourism. Thus, the agency introduces for this summer 14 charter flights to Lesbos, the third largest island in Greece, where the costs of […]
