Intesa Sanpaolo finalizes the acquisition of First Bank. Carlo Messina’s group doubles its presence in Romania

Intesa Sanpaolo announces that it has finalized the acquisition of a Romanian company First Bank SA (Romania) by the American private investment fund JC Flowers & Co. In connection with the signing on October 28, 2023 of the sale and purchase agreement between Intesa Sanpaolo SpA and JCF Tiger Holdings SARL, the controlling shareholder of First Bank SA, for the acquisition of 99.980513% of shares in First Bank SA, after obtaining all necessary permits from the relevant supervisory authorities, Intesa Sanpaolo completed the acquisition today. With the acquisition of First Bank, Intesa Sanpaolo’s presence in Romania, where it has been active since 1996 through Intesa San Paolo Bank Romania, has more than doubled.

Intesa Sanpaolo is one of the 10 largest banks in Romania

The operation significantly strengthens the competitive position of the Intesa Sanpaolo Group on the local market, placing it among the 10 largest banks in Romania. By joining forces, Intesa Sanpaolo Romania and First Bank have assets totaling approximately EUR 3.2 billion, serving approximately 143,000 customers and employing over 1,500 people. With the acquisition of First Bank, families, individuals and companies in Romania will benefit from an extensive network of branches and ATMs, complemented by an advanced digital and remote services platform, improving the efficiency and effectiveness of customer service. An expanded offer of high-quality financial services – from regular banking services to financial products, from insurance and protection products to investment and advisory services – will meet the expectations of even the most demanding customers of all ages and income levels. Both banks – First Bank and Intesa Sanpaolo Bank Romania – are part of the International Subsidiary Banks Division (ISBD), a key player in Central and Eastern Europe, offering services to retail, corporate and SME clients.

Intesa Sanpaolo, Rottigni commentary and programs for Romania

Marco Elio Rottigni, Branch Manager of International Bank Subsidiaries, commented: “We warmly welcome First Bank’s employees and clients to the Intesa Sanpaolo Group, one of the largest and most solid banking groups in Europe. Strengthening our presence in Romania will stimulate Italian and foreign investments in the country, improve trade and support the internationalization of SMEs. Our development will drive innovation in the sector, to the benefit of families and businesses.” With the Group’s increased presence in Romania, Intesa Sanpaolo is ready to contribute to the economic development of the country by increasing investments and offering support to companies that will benefit from the service aimed at facilitating their international expansion and specialized advice on ESG transformation, Romanian clients will also have access to products and services offered worldwide by the Intesa Sanpaolo Group As a leading Italian banking group, Intesa Sanpaolo is uniquely positioned to promote and strengthen trade links and synergies between Italy and Romania, a country home to many Italian companies playing a leading role in key industrial sectors First Bank becomes part of the Intesa Sanpaolo Group, a leading European bank that manages client financial assets worth over EUR 1,300 billion and ranks third in terms of market capitalization among euro area banks. The diversified and resilient business model of the Intesa Sanpaolo Group is distinguished by its focus on asset management and protection, as well as its solid investments in technology and innovation. At the end of 2023, the Group had 20.8 million customers and 94,400 employees in Italy and abroad, and its total assets exceeded EUR 964 billion, generating a net profit of EUR 7.7 billion for the year. Intesa Sanpaolo’s strong financial performance translates into significant value creation for all stakeholders, supporting the Group’s strong commitment to ESG, with a global leadership in social impact and a strong focus on climate. The International Subsidiary Banks division contributes significantly to Intesa Sanpaolo’s profitability, accounting for almost 14% of the Group’s net profit in the first quarter of 2024. ISBD operates on three continents, with retail banks in 12 countries (CEE and Egypt) as well as an asset management company in China. This extensive network currently serves 7.2 million customers through nearly 900 branches and a dedicated workforce of approximately 21,000 employees.