Housing banks Raiffeisen Banca pentru Locuinte (RBL) and HVB Banca pentru Locuinte, which specialise in saving-lending, could merge by the end of this year, after RBL shareholders signed an agreement on Tuesday to take over the full stake in HVB Locuinte.
The necessary approvals from the National Bank and from the Competition Council are expected by autumn.
Banking sources say the value of the transaction will not exceed several million euros.
Negotiations to take over HVB Locuinte have been taking place since the beginning of the year. About a month ago, the bank was left without a chairman, after Peter Tulin moved to the competition and joined BCR Banca pentru Locuinte, which was preparing to launch operations.
At the same time, information also circulated on the market that suggested Ionut Costea, president of RBL, could leave for Greek-held Emporiki Bank, while the Greek bank, a member of the French group Credit Agricole, was attempting to consolidate its local management team with a rapid growth strategy.
RBL and HVB Locuinte both have three shareholders. RBL - Raiffeisen Bank, Raiffeisen Bausparkasse and Bausparkasse Schwaebisch Hall, with 33.3% each, and HVB - Vereinsbank Victoria Bauspar (55%), Bank Austria Creditanstalt (35%) and UniCredit Tiriac Bank (10%). The transaction was justified by the decision of the German bank Vereinsbank Victoria Bauspar (VVB) to give up regional operations.
"The sale of HVB BpL is a strategic decision of VVB to concentrate on the German market, this being the logical step after it sold a similar bank in the Czech Republic at the beginning of the year," said Ludwig Roth, a Member of the Board of Directors of VVB and HVB BpL.
Steven Van Groningen, President of Raiffeisen Bank Romania, says the takeover of HVB Locuinte will result in an even stronger leader on the savings-lending market f
