Vista Bank Romania has secured a key approval for its previously announced acquisition of Credit Agricole Romania.
The deal was green lighted by the Competition Council, Romania’s competition authority.
In a statement: “The Competition Authority assessed this operation and found that it did not raise significant barriers to effective competition on the Romanian market or on a substantial part of it, in particular by creating or strengthening a dominant position.
“The decision will be published on the competition authority’s website, after removing the confidential information.”
In January this year, Crédit Agricole signed an agreement to divest its Romanian subsidiary Crédit Agricole Bank Romania to Vista Bank Romania.
The financial details of the transaction were not divulged. The deal is expected to close in the first half of this year.
Vista Bank Romania and Crédit Agricole Bank Romania offer a wide range of banking services for customers.
According to Seenews, Crédit Agricole established the Romanian subsidiary in 2010 following the acquisition of Emporiki Bank and its other units.
Headquartered in France, Crédit Agricole Group is one of the largest banking groups in Europe.
The lender has a presence in 47 countries and serves around 51 million customers worldwide.
Overall, it employs 141,000 people in France and abroad.