Raiffeisen Bank International, Austria’s third-largest bank by assets, has agreed to purchase Citibank’s (Citi) Romanian consumer portfolio, subject to regulatory approval.
Under the agreement, Raiffeisen will acquire a portfolio consisting of over 100,000 customers and the equivalent of more than 90m ($117m) in gross assets.
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The purchase is expected to be completed in the third quarter of 2013.
As part of the agreement, all Citi retail banking staff in Romania will become part of Raiffeisen.
Raiffeisen said the terms of the transaction were not public and the impact on capital ratios was negligible.
Herbert Stepic, CEO of Raiffeisen, said: "Romania is one of our markets with the best business prospects and we want to continue growing selectively here in the future.
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By GlobalData"This especially applies to business with first-class companies. The acquisition of this retail portfolio is highly complementary to our existing business."
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