UniCredito Italiano’s offer to acquire an additional 20% equity interest in Demirbank Romania, currently owned by the International Finance Corporation, has been accepted by the Turkish authorities governing the sale process of the Romanian subsidiaries of Demirbank TAS.
Following this transaction, UniCredito Italian’s stake in Demirbank Romania will increase to 82.5% (for a total consideration up to a maximum of 21.9 million dollars), according to a release of the Italian group.
UniCredito estimates to finalise the acquisition of Demirbank Romania and its leasing company Demir Romlease by mid-December and receive all necessary authorisations in the first quarter of 2002.
“We are delighted to enter the Romanian market where we see a considerable potential for future growth, through excellent existing operations such as Demirbank Romania and Demir Romlease. UniCredito Italiano will work with the existing management teams to further develop the bank and the leasing company,” said Roberto Nicastro, Deputy CEO of UniCredito Italiano, responsible with Foreign banks operations.
The Italians have already started to implement a new strategy, including the change of name and logo, and say that the acquisition of a significant presence in Romania is an integral part of UniCredito Italiano’s New Europe strategy aiming at creating the largest and most successful banking group in Central Europe.
Moreover, the decision to enter the Romanian market was also triggered by the intention to meet the needs of bank customers that are active on the Romanian market or do business with Romanian companies.
“We are confident that UniCredito Italiano’s entrance on the market will further stimulate Italian foreign direct investments in the area and facilitate trade relations between the two countries,” Nicastro maintains.
Demirbank Romania ranked 12th as for total assets (62 million dollars) at the end of last year in Romania and was among the few banks that focused on implementing new products and services, besides expanding their network. The bank posted net profit worth 15 billion ROL for the first nine months of the year.