National signs off Banca Romaneasca

TAGS: Business, Banking, Finance

National Bank of Greece has signed the agreement for the sale of its Romanian subsidiary Banca Romaneasca to OTP Bank Nyrt, the Hungarian lender said in a statement Thursday. The acquisition will boost OTP’s market share in Romania to about 4 percent.

The transaction, whose financial terms were not disclosed, is expected to close by early 2018. The deal makes OTP the eighth-largest lender in Romania, and further transactions possible in Romania after Banca Romaneasca is fully integrated, OTP deputy chief executive officer Laszlo Wolf said.

Banca Romaneasca had a 1.6 percent market share at the end of 2016 and 109 branches in Romania. [Reuters]