UniCredit Tiriac Bank SA (UniCredit bank) and Unicredit consumer financing announced today their purchase of the Royal Bank of Scotland’s Romanian retail bank, RBS Romania.
The acquisition represents approximately 315m ($410m) in assets and 230m in liabilities.
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Completion of the transaction is estimated for the end of this year after the necessary approvals from the National Bank of Romania and the Competition Council.
Rasvan Radu, CEO of UniCredit Tiriac Bank and Country Chairman of UniCredit Group in Romania said: "UniCredit Group has consistently reiterated its commitment to the market in Romania, retail segment is important for our bank and this acquisition fits very well our growth strategy in the medium and long term, and will keep our approach top European bank on the Romanian market."
UniCredit aim to transfer all employees associated to retail RBS Romania to UniCredit Tiriac Bank after consultation of the social partners.
Financial information relating to the transaction will not be made public.
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