Thu, Feb
62 New Articles

Clifford Chance and RTPR Advise on JC Flowers & Co Sale of First Bank to Intesa Sanpaolo

Clifford Chance and RTPR Advise on JC Flowers & Co Sale of First Bank to Intesa Sanpaolo

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

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.

The transaction remains contingent on regulatory approval by the National Bank of Romania, the European Central Bank, and Romania's Competition Council.

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."

First Bank provides a diversified range of financial products and services to retail, SME, and large corporate customers.

The Clifford Chance team included 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.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

Firm's website.

Our Latest Issue