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Banks and Insurance
First Bank, formerly Piraeus Bank Romania, acquired by the American investment fund JC Flowers began the assault on the Romanian banking market with the aim of placing itself in an overpopulated market and entering the top 10 at first.
From here to the end of the year, the 40 branches of Bucharest, as well as the banking unit of Alba Iulia, will carry the new brand identity of the bank. Earlier next year, the branding process will be extended to the country's branches, according to a press release from the bank.
Nicolae Dănilă, Chairman of the Board of First Bank, said: Today we are embarking on a new project to create together a long – standing Romanian financial institution.
Nicolae Danila began her banking career 44 years ago in Bucharest, where the Americans opened the first bank of the former communist bloc. He has worked for Americans for more than two decades. The bank has seen more mergers and acquisitions, joining today the largest US banking group, J.P Morgan Chase.
In the late 1990s, after leaving the United States, Danila became advisor to the governor of the NBR, special administrator of Bancorex after its bankruptcy, and then chief executive officer of BCR, the largest bank in Romania, which took over. good assets at Bancorex.
He was CEO of BCR at the time of privatization with the Austrian group Erste, which was paying 3.75 billion euros for 60% of the shares. After leaving BCR, Danila was vice governor of the NBR for five years.
Last year, he was recruited by J.C. Flowers to become part of the Piraeus Bank leadership, now renamed First Bank.
The US investment fund brought Dominic Bruynseels, the man who ran BCR for four years after Danila left.
Bruynseels, who is married to a Romanian, said at the official launch that First Bank had important plans for Romania, which it wanted to offer new services to boost the Romanian banking market.
We want to improve Romania, he said.
The Romanian banking market is composed of 36 banks, of which the 10 largest control more than 10% of the market.
J.C Flowers also wants to buy other banks, being opening NBG for the sale of Banca Romaneasca.
J.C. Flowers is controlled by American billionaire J. Christopher Flowers and has assets exceeding $ 5 billion.
The acquisition of Piraeus Bank Romania is the first in Central and Eastern Europe.
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