Linklaters and Bulboaca & Asociatii have advised the Export-Import Bank of Romania on its purchase of a 99.28% stake in Banca Romaneasca from the National Bank of Greece. Filip & Company assisted the National Bank of Greece.
EximBank is a bank majority owned by the Romanian Ministry of Finance that acts both as a commercial bank and as a state agent by distributing the funds allocated from the state budget for the Romanian business environment.
Banca Romaneasca is a universal commercial bank that currently operates a national network of approximately 100 branches and provides a range of products and services to both individuals and companies.
The National Bank of Greece Group is the oldest financial group in Greece. It has held the majority stake in Banca Romaneasca since 2003.
According to Linklaters, EximBank’s acquisition will be the first time a Romanian state bank has taken over a privately owned lender and will represent the bank’s first entry into the retail banking segment in Romania.
Closing of the deal is subject to approval from the National Bank of Romania and the Romanian Competition Council
The Linklaters team was led by Warsaw-based Partner Daniel Cousens and Managing Associate Christopher Quinn and included Managing Associate Agnieszka Mencel.
The Filip & Company team was coordinated by Partners Alina Stancu Birsan and Alexandru Birsan and included Associate Rebecca Marina.
Editor's Note: After this article was published CEE Legal Matters learned that Freshfields was lead counsel to the National Bank of Greece on the deal. The firm's team consisted of Vienna-based Partner Sebastian Lawson and Associate Kate Haywood.
