Bucharest Court of Appeal approves Carpatica Commercial Bank, Patria Bank merger

Georgeta Gheorghe 24/04/2017 | 11:33

The Bucharest Court of Appeal approved on 21 April the merger between Carpatica Commercial Bank and Patria Bank, which could take effect on 1 May. The newly-created institution, Patria Bank will be listed on the Bucharest Stock Exchange (BVB).

Patria Bank’s nationwide presence will have 111 offices in 73 cities.

The new bank […] has over 240,000 clients and RON 3.816 billion in assets, and is dedicated to increasing the degree of banking penetration rate in Romania and supporting local entrepreneurs,” the statement said.

The estimated date of implementing the merger is 1 May 2017. All products, services and contractual clauses that apply to clients will be kept in the current form until the merger date. Subsequently, the new general banking conditions will apply.

The new bank will focus on the retail segment, and the shares of the bank that resulted after the merger will continue to be listed on the BVB.

In the spring of 2016, Patria Bank became the main shareholder of the Carpatica Commercial Bank (BCC), with a participation of over 64 percent of BCC shares, the later becomes a part of the Patria Bank Group, which has as a main shareholder the investment fund Emerging Europe Accession Fund (EEAF),” a press statement said.

After the fusion, our bank will focus on the retail segment, integrating the technology to simplify the access of clients of well performing financial and will continue to be a solid and trustworthy partner for Romanian small and middle-sized companies, contributing to the development of the local entrepreneurial environment. The shares of the bank that resulted from the fusion will continue to be listed on the Bucharest Stock Exchange,” the statement said.

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