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Romania,United Kingdom : RBS sells its Romania corporate business to UniCredit

August 8, 2014

UniCredit Tiriac Bank declared that it has agreed with the Royal Bank of Scotland (RBS) to buy its Romanian corporate business portfolio.

The company has not revealed the financial details of the acquisition.

As per the deal, RBS Romania will transfer a total portfolio of aggregate assets of around 260m, and corporate deposits of nearly 315m to UniCredit.

RBS Romania's client portfolio includes over 500 mid market and large private corporates, local and international, as well as public and financial institutions.

This new portfolio acquisition represents another natural step for us, as UniCredit - leading European banking group - is committed to sustainable growth on the Romanian market, said UniCredit Tiriac Bank CEO and UniCredit Romania country chairman Rasvan Radu, After the acquisition of the Retail and Royal Preferred Banking business from RBS Romania last year, the full integration of the Corporate portfolio is a very suitable choice, as both banks share common values of business excellence and customer centricity.

Both the banks have confirmed that there will be no changes the clients' contractual conditions and to the technical details of their respective products and services.

The acquisition will be closed after meeting all the consultation with the social partners and is expected to complete in the coming months and receiving the necessary approval by the Competition Council.

Radu added, Corporate represents a core business for us and this development perfectly fits our strategy in the medium and long-term, while at the same time consolidating our leading position in the market.

We are confident that this will bring a lot of benefits and added value to our clients, said RBS Romania CEO and RBS Central and Eastern Europe hub executive Henk Paardekooper, Our customers are very important to us and we would like to ensure them that UniCredit Tiriac Bank will take over and build on the relationship we have developed with them.

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Source: TendersInfo (India)

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