Austrian Raiffeisen acquires BBVA's Romanian subsidiary for €591 million, becoming Romania's third-largest bank
Austrian bank Raiffeisen Bank International (RBI) completed its acquisition of BBVA's Romanian subsidiary, Garanti Bank, for €591 million as reported across multiple outlets including Lavanguardia and DiePresse today March 28th at various times between morning hours until late afternoon sessions where all sources confirm finalization without additional context beyond basic transaction parameters.
Key Points
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1The Austrian bank Raiffeisen has acquired BBVA's Romanian subsidiary, Garanti Banka S.A., for a total price of €591 million.
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2This acquisition marks the completion of an agreement signed in March to sell off this specific branch from its portfolio outside Spain and Latin America.
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3Following this purchase by Raiffeisen Group (RBI), it is projected that Austria will become Romania's third-largest bank, surpassing local competitors like Romtelecom Banka S.A. and Transilvania Banca SA.
Developments
Perspectives
Raiffeisen will become the third-largest bank after this acquisition.
— Cash.ch (Mar 28)BBVA is exiting its Romanian market to focus on Spain and Latin America, selling Garanti for €591 million in March. The deal was finalized by Raiffeisen Group today at the agreed price.
— Diepresse (Mar 28)BBVA has decided not to renew its contract with Romtelecom Banka S.A., choosing instead to sell Garanti as part of a strategic shift away from Romania. The €591 million deal was finalized by Raiffeisen Group today.
— Larazon.es (Mar 28)