J.C. Flowers Completes Sale of First Bank Romania [Yahoo! Finance]
INTESA SANPAOLO S/ADR (ISNPY)
NASDAQ:AMEX Investor Relations:
group.intesasanpaolo.com/scriptisir0/si09/investor_relations/eng_wp_investor_relations.jsp
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Source: Yahoo! Finance
the financial services industry, announced today it has completed the sale of First Bank S.A. ( Romania ) to Italian banking group Intesa Sanpaolo. Terms of the transaction were not disclosed. "Over the course of our ownership, J.C. Flowers led the transformation of First Bank's operations, making significant investments in technology, shedding non-core assets, and building a first-class team," said Dr. Ilinca Rosetti , an Operating Partner at J.C. Flowers. "The combination of First Bank and Intesa Sanpaolo Bank Romania creates a top 10 bank in Romania , which is a gratifying outcome for J.C. Flowers, as well as for the management and employees of First Bank." J.C. Flowers purchased Piraeus Bank Romania from Greece's Piraeus Bank in 2018, which was later renamed to First Bank. In 2019, First Bank acquired Bank Leumi. First Bank and Intesa Sanpaolo Bank Romania will together have total assets of approximately €3.2 billion, serving more than 140,000 customers and employing over 1,
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