IntesaSanpaolo takes over CR Firenze

IntesaSanpaolo has notified the Competition Council with a view to entering the shareholding structure of CR Firenze Romania, in the wake of the takeover of CR Firenze group, which also owned the Romanian subsidiary. As a result of the deal, IntesaSanpaolo will own two banks on the domestic market: Sanpaolo IMI Bank Romania and CR Firenze Romania bank, both small banks. The Italian bank first entered the domestic market in 2003, after the acquisition of WestBank. The Competition Council has to release its decision on the economic concentration operation within 30 days after the date of the application. Subsequently, IntesaSanpaolo may choose to merge its two domestic subsidiaries, as it is unusual for a group to separately operate two small banks. Sanpaolo IMI Bank Romania is a small player in Romania. Despite the strength of the group, the bank has developed at a fairly slow rate and registered a volume of loans worth 172m euros at the end of the first quarter. Last December, Sanpaolo Romania held assets worth almost 328m euros, which got it a 0.7% share of the market. In late last year, CR Firenze Romania held assets worth 75.4m euros, with a 0.1% market share respectively and was one of the smallest players on the market.