Cristian Bassa – Another Corporation Falls
December 5th, 2012, Bucharest – Strategic decision regarding Corporation 1?s positioning in Romania. Corporation 1 has today announced from New York a series of actions to reduce expenses and improve efficiency across the company: This global repositioning includes several markets where the bank will significantly scale back its consumer operations. For Romania, Corporation 1 has taken a strategic decision to focus on its corporate and commercial banking businesses, where the bank will leverage its global network to offer value added services to its clients. It is considering strategic alternatives, including a potential sale of the retail business of Corporation 1.
March 21st, 2013, Bucharest – Corporation 2 Romania to purchase Corporation 1?s Romanian consumer portfolio. Corporation 2 and Corporation 1 signed an agreement in which Corporation 2 will purchase Corporation 1?s Romanian consumer portfolio. The transaction, subject to customary approvals, is expected to be effective in the third quarter of 2013. Under the agreement, Corporation 2 will take over a portfolio consisting of over 100,000 customers, over RON 460 million (over € 90 million) in gross assets, over RON 770 million in deposits (over EUR 175 million), as of December 31, 2012, as well as all Corporation 1 consumer banking staff in Romania.
July 1st, 2013, Bucharest – Corporation 2?s Acquisition of Corporation 1?s Portfolio is now effective. The transaction involving the acquisition of the retail portfolio of Corporation 1 by Corporation 2 is now effective, following approval of the Competition Council. Starting with July 1st, 2013, the transfer of the retail portfolio shall produce its effects in relation to the transferred customer agreements, as further detailed in the customer notifications already communicated by Corporation 1 and Corporation 2.
The following photos illustrate the last days of a corporation.