ATE Bank Romania – the local branch of Greek ATE Bank that was taken over by local investor Dorinel Umbrarescu, has started operations and will change its name soon, Ziarul Financiar daily reported. The bank's financial ratios are particularly safe given the fact that the largest part of the loan portfolio of ATE Bank Romania was taken over by Piraeus Bank Romania . The bank will change its name into Banca Romana de Credite si Investitii in February. Umbrarescu paid EUR 10.3mn to Piraeus Greece for 93.27% in ATE Bank Romania . The bank's equity is RON 37mn [ EUR 8.3mn ] and its solvency ratio nearly 42%. The local investor took over the local branch without the bad loans portfolio, thus becoming the sole bank with no bad loans in its books on a market where the NPL ratio is above 20%. The loan-to-deposit ratio of the new bank is also unusual – only 10.5% on a market where the average exceeds 100%. ATE Bank Romania has some 11,000 customers – individuals and legal entities, inherited from before the takeover.
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