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EximBank-Banca Romaneasca merger still pending for his, Finance Ministry's approval


Finance Minister Florin Citu said that the merger between EximBank and Banca Romaneasca (the Romanian Bank) hasn't yet been approved by either him or the Public Finance Ministry and the announcement on what happens to this operation will be made in January.

"I have been asked by many journalists and I have to make this clarification. The transaction was approved in February 2019 by the PSD [the Social Democratic Party] Government. I and the Public Finance Ministry haven't yet approved the merger of Exim with Banca Romaneasca. I will announce what happens to this merger in January. I have already announced the plans for CEC Bank, drawing EBRD [the European Bank for Reconstruction and Development] and IFC [International Finance Corporation] into the shareholdership. In the first days of 2020 I will announce what's up next for EximBank, EximAsig and the Guarantee and Counter-guarantee Funds," the Finance Minister wrote on his Facebook page on Tuesday.

The Banca Romaneasca Board of Directors (BD) published on Tuesday a calling notice for the Extraordinary and Ordinary General Meeting of Shareholders, which will take place on 31 January 2020. The calling notice also includes, among others, the appointment of the members of the Board of Directors for a 4-year mandate.

The proposals are the following: Lucian Claudiu Anghel as executive member of the Board of Directors and Director General, Oana Lucia Ilie as executive member of the BD and Deputy-Director General, Traian Sorin Halalai as a non-executive member and Chairman, Lidia Stan as non-executive member and Deputy-Chairperson of the BD and Doru Bebe Bulata as a non-executive member.

Other points on the agenda are the change of the company's name from "Banca Romaneasca SA Membra a Grupului National Bank of Greece" into "Banca Romaneasca SA", as well as the change of the company logo in order to remove the reference to the National Bank of Greece Group membership. 

Also included is the amendment of the constitutive act, which will provide for a subscribed and paid share capital of 748,648,220 lei, divided into 374,324,110 registered shares, each with a nominal value of 2 lei. The share capital will be held as follows: Romania's Export - Import Bank EximBank SA - 371,624,509 registered shares, with a nominal value of 2 lei each and a total nominal value of 743,249,018 lei, representing 99.28 percent of the share capital of the Bank; shareholding legal entities - 87,020 registered shares, with a nominal value of 2 lei each and a total nominal value of 174,040 lei, representing 0.02 percent of the share capital; individual shareholders - 2,612,581 registered shares, with a nominal value of 2 lei each and a total nominal value of 5,225,162 lei, representing 0.7 percent of the share capital.

In June 2019 EximBank announced it signed with the National Bank of Greece the agreement for the acquisition of 99.28 percent of Banca Romaneasca.

As a result of this transaction, EximBank will operate for the first time on the retail banking segment in Romania, thus becoming a universal bank. At the same time, the market share of EximBank will increase to approximately 3 percent, which will position the bank in the top 10 financial-banking institutions of Romania, a release of the bank informed back then.

Subsequently, in the beginning of September, the Competition Council announced that it is analysing the operation by which the Import-Export Bank of Romania (EximBank) will take over Banca Romaneasca, by acquiring 99.28 percent of its share capital.