First Bank, a lender-owned by the US-based private equity fund J C Flowers, has agreed to acquire Bank Leumi Romania for an undisclosed sum.

First Bank will buy the Romanian lender from Bank Leumi le-Israel B M.

Bank Leumi Romania operates 15 branch offices, employs 200 banking professionals, and has more than €250m in assets and €150m in deposits at the end of 2018.

The acquisition of Bank Leumi Romania is part of First Bank’s strategy to boost and consolidate its presence in the country.

First Bank executive president Dominic Bruynseels said: “This is the second acquisition that the American investment fund JC Flowers & Co has made on the Romanian market in less than a year proving its interest and commitment in this valuable market.

“As a value-based acquirer we remain open to similar growth opportunities.”

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The transaction is pending receipt of approvals from the National Bank of Romania and the Romanian Competition Council and is slated to be concluded within the second part of the year.

If the proposed deal materialises, it will be JC Flowers second acquisition in Romania. In July last year, JC Flowers wrapped up acquisition of Piraeus Bank Romania from Greek Piraeus Bank.