ECONOMY

Sale of NBG’s Romanian subsidiary is rejected

Sale of NBG’s Romanian subsidiary is rejected

Romania’s central bank said on Thursday it had rejected Hungary’s OTP Bank’s acquisition of Banca Romaneasca, despite the competition watchdog clearing the purchase late last year.

OTP signed a deal in July with National Bank of Greece to purchase Banca Romaneasca.

But the sale, which had been expected to close later this year, needed regulatory approval by the central bank.

The latter said the reasons for the rejection were confidential and could not be disclosed.

[Reuters]

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