Competition Council Clears Takeover Of Veneto Banca Bucharest Division By Intesa Sanpaolo SpA

Romania’s Competition Council has approved the transaction whereby Intesa Sanpaolo SpA has acquired the banking network held by the Bucharest subsidiary of Veneto Banca SpA Italia Montebelluna.

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Imaginea articolului Competition Council Clears Takeover Of Veneto Banca Bucharest Division By Intesa Sanpaolo SpA

Competition Council Clears Takeover Of Veneto Banca Bucharest Division By Intesa Sanpaolo SpA

Both commercial bank Intesa Sanpaolo Romania SA and the Bucharest division of Veneto Banca SpA Italia Montebelluna operate in the field of financial and banking services.

The antitrust watchdog assessed the economic concentration operation in terms of its compatibility with the normal competitive environment and has found the activities of the companies do not overlap in Romania.

Following the acquisition of Veneto Banca, Intesa Sanpaolo has reached a cumulated market share by assets of over 2%and it will have a 50-unit network in Romania. Italy’s Intesa operates on the Romanian market through two subsidiaries, namely, commercial bank Intesa San¬paolo Romania SA and Intesa Sanpaolo SpA in Turin (Italy) – the Bucharest subsidiary, registered after the takeover of Veneto.

In 2016, Intesa had a market share of 1.04% in Romania and Veneto had the same market share, of 1.04%, thus, following this transaction, the overall market share rises to 2.08%.

In 2016, Intesa Sanpaolo ranked 18th among banks in Romania, with assets of nearly RON4.1 billion. Intesa Sanpaolo is one of Europe’s biggest and strongest banking groups, with 19 million clients and 5,000 subsidiaries in 40 countries worldwide.

 

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