Intesa Sanpaolo expands into Romania with First Bank acquisition

Intesa Sanpaolo SpA has concluded negotiations for the acquisition of First Bank in Romania from the American investment fund J.C. Flowers, according to market sources. Some of First Bank’s employees have already been informed about this transaction through an internal communication.

Marco Elio Rottigni, Head of the International Subsidiary Banks Division at Intesa Sanpaolo, stated, “We welcome First Bank’s employees and customers to the Intesa Sanpaolo Group. This operation doubles our presence in Romania, a country with significant economic growth and strong ties to Italy, aligning with our strategy to leverage value opportunities while maintaining a focus on organic growth and profitability stimulation. The expansion into Romania reinforces our position as a strong bank in Central and Eastern Europe and actively supports the internationalization of Italian companies. We look forward to soon collaborating with our new colleagues.”

The transaction is subject to approval from relevant regulatory and competition authorities and is expected to be completed in the first half of 2024.

As of December 2022, Intesa Sanpaolo is Italy’s largest bank with assets totaling €975 billion. Intesa Sanpaolo Bank is the subsidiary of the Intesa Sanpaolo Group in Romania. Initial reports regarding a potential deal had emerged earlier in the summer.

Following the acquisition of First Bank, Intesa could potentially secure a position in the top 10 banks in Romania based on assets.

This month, PKO Bank Polski, Poland’s largest bank in terms of assets, announced its intention to enter the Romanian market, where it will commence operations in 2024.

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