On June 3, 2024, Clifford Chance Badea announced that J.C. Flowers & Co's sale of First Bank to Intesa Group (as previously reported by CEE Legal Matters on November 3, 2023) has now closed.
According to Intesa Group, "the acquisition of First Bank enables Intesa Sanpaolo to more than double its presence in Romania, where it has been active since 1996 through Intesa Sanpaolo Bank Romania. The acquisition significantly bolsters the Intesa Sanpaolo Group’s competitive positioning in the local market, making it one of the top 10 banks in Romania. By joining forces, Intesa Sanpaolo Bank Romania and First Bank bring together total assets of about EUR 3.2 billion, serving around 143,000 customers, and employing over 1,500 people."
As previously reported, Clifford Chance Badea has advised private investment fund JC Flowers & Co on its sale of Romania's First Bank to Intesa Sanpaolo. RTPR advised the Intesa Sanpaolo Bank.
According to Clifford Chance, the transaction marks the exit of the American investment fund from Romania, six years after its first acquisition. "At that time, the takeover of Piraeus Bank marked a first for the local banking industry – the first investment fund to become a shareholder in a Romanian bank, with the approval of the National Bank of Romania. Later, in 2019, First Bank, owned by JC Flowers & Co, took over Leumi Bank Romania."
The Clifford Chance team included Bucharest-based Managing Partner Daniel Badea, Counsel Loredana Ralea, Of Counsel Eleonora Udroiu, Senior Associate Radu Costin, and Associate Maria Moga, as well as Prague-based Partner Alex Cook.
The RTPR team was led by Managing Partner Costin Taracila and Partner Alina Stavaru and included Partner Roxana Ionescu, Counsels Ianita Tui, Cristina Enaga, and Alexandru Stanoiu, Managing Associate Andrei Tosa, Senior Associates Diana Dimitriu and Ana Popa, Associates Serban Halmagean and Serban Nitulescu, and Junior Associates Mihai Mutulescu, Miruna Tocileanu, and Irina Marinescu.
