Egnatia Bank acquires BNP-Dresdner Bank Romania

An agreement for the acquisition of BNP-Dresdner Bank (Romania) S.A. by Egnatia Bank was executed on August 28, 2000, according to a release issued by BNP-Dresdner.

In line with its strategy to expand in the emerging markets of Central and Eastern Europe and in particular South-East Europe, Egnatia Bank’s management reached an agreement with the shareholders of BNP-Dresdner Bank (Romania) S.A. for the acquisition of 100% of the shares of this bank. Advisor to Egnatia Bank for this transaction was the international firm Deloitte & Touche Consulting, Greece, the release further reads.

BNP-Dresdner Bank (Romania) S.A. was established in 1998 by BNP Paribas and Dresdner Bank AG in order to jointly expand their activities in Central and Eastern Europe. The Bank’s headquarters are located in Bucharest, operating under a universal banking licence that allows it to carry out full banking operations, both within Romania as well as internationally.

To date, the Bank has successfully operated on the Romanian market in the areas of Corporate Banking, Treasury and Private Banking. It has exceptionally well-trained staff and technologically advanced management information systems.

Taking into account the business dynamism, banking expansion potential and overall positive prospects of the Romanian economy, Egnatia Bank intends to capitalise on its own experience in retailing banking in order to develop a branch network throughout the large cities of Romania.

Through this network, the Bank will promote products and services covering the needs of retail and consumer banking clients in conjunction with the products and services currently available by the Bank. An additional immediate objective of Egnatia Bank is the marketing and promotion of electronic banking services on the Romanian market.

The agreement for the purchase of the bank is subject to the approval of the Bank of Greece, the National Bank of Romania and the Romanian Competition Council.