Crédit Agricole has signed a deal to sell its Romanian subsidiary Crédit Agricole Bank Romania to Vista Bank Romania for an undisclosed price.
The French cooperative financial institution has been operating in Romania under its own brand name since 2012.
Crédit Agricole Bank Romania has 21 branches and more than 270 employees, serving nearly 17,000 customers.
Vista Bank Romania, on the other hand, has been active in the Romanian banking market since 1998. It operated as Marfin Bank until May 2019.
With its network of 31 branches, Vista Bank Romania serves medium and large corporate clients, and also affluent customers.
The closing of the deal is subject to clearance from the relevant Romanian authorities, which include the National Bank of Romania and the Romanian Competition Council. After the receipt of the approvals, the deal is anticipated to close in the first half of next year.
The French firm said that the deal does not have any significant effect on its solvency ratios.
Crédit Agricole’s advisors in the deal are UniCredit and Clifford Chance Romania Law firm.
In November 2020, the firm’s Italian subsidiary – Crédit Agricole Italia placed a voluntary public tender offer to purchase all ordinary shares of Credito Valtellinese, for $875m in cash. The Italian bank plans to acquire 100% of Credito Valtellinese, at an offer price of €10.50.
