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Merger project of Carpatica Commercial Bank and Patria Bank receives preapproval from BNR
The merger project of Carpatica Commercial Bank and Patria Bank has received the preapproval from the National Bank of Romania (BNR), allowing the two banks to start the final formalities to register the new bank and to start the necessary operations to effectively integrate the two banks, a release of Patria Bank states.
"We are happy that the merger process has entered its home stretch by the issuing of the preapproval by the National Bank and we are optimistic that the the process to position the new bank on an upward trajectory will be accelerated starting with 2017, once the merger is effectively implemented," stated Horia Manda, chairman of the Board of Administration of the Carpatica Commercial Bank and of Patria Bank.
According to the bank, in the coming period all actions necessary for the integration of the two banks into a single bank will be started, with particular attention being granted to the accomplishment of a smooth transition for clients and partners, in view of keeping the good relation developed until now.
The Patria Bank Group is owned by the Emerging Europe Accession Fund (EEAF), a private equity fund that has as main investors the European Bank for Reconstruction and Development (EBRD), the European Investment Fund (EIF, part of the European Investment Bank Group), the DEG (Development Bank, part of the KFW Bank Group), the Black Sea Trade and Development Bank (BSTDB). The Patria Bank Group is formed by: Patria Bank SA, Carpatica Commercial Bank SA, Patria Credit IFN SA, SAI Carpatica Asset Management and SAI Intercapital Invest SA.