PineBridge Investments supported consortium to buy 92% stake in MKB Romexterra
MKB Bank has struck a deal with a consortium of investors supported by PineBridge Investments, to dispose 92.4% stake in its Romanian affiliate MKB Romexterra Bank.
Established in 1993, MKB Romexterra Bank serves 82,000 retail and corporate clients through 47 branches across the Romanian market.
PineBridge Investments central and Eastern Europe private equity head Pierre Mellinger said that the objective is to create a successful, market-leading banking group in South East Europe through the acquisition and consolidation of medium-sized banks in the region.
"With a strong capital base, a seasoned management team and the solid financial backing of its shareholders, Romexterra is in a unique position to support the Romanian economy and act as a catalyst for economic growth," Mellinger said.
The banks said that the recent acquisition is in its line of a new business strategy to transform the organization into a modern institution adopted in 2010.
The deal is subject to customary closing conditions, including the approvals of the National Bank of Romania and the Competition Office of Romania.
Financial terms of the transaction were not disclosed.