CR Firenze acquires control of Daewoo Bank

CR Firenze bank completed the operation by which it acquired 56.23% Daewoo Bank for 30.5 million euros, indicates a report published on the site of the Italian institution. The new majority shareholder of Daewoo decided to change the name of the local bank to Banca C.R. Firenze Romania and changed internal regulation, so that the Italians can appoint most of the members of the Board of Directors. According to the pre-contract, the buyer was granted the right to appoint 4 of the 7 members in the board of the local bank. According to the announcement made by CR Firenze, the new managers of the Romanian bank have already been appointed, but their identity has not yet been revealed. CR Firenze can still choose to buy more Daewoo Bank shares in the first half of 2009, but no more than 26.77% of the capital. CR Firenze had assets worth 21.6 billion euros at the end of last September and operated a network of 521 bank branches. Nine months into last year, the Italian bank had posted a 382 million euro profit. ZF