(Alliance News) - Intesa Sanpaolo Spa announced on Monday that it had completed the merger by incorporation of First Bank into its subsidiary Intesa Sanpaolo Bank Romania.
From today, the two institutions will operate under a single brand, strengthening the bank's position in the local market and marking a new stage in the Intesa Sanpaolo group's growth and investment strategy in Central and Eastern Europe.
As Intesa explains, customers of the bank created today as a result of the merger will immediately benefit from an expanded network and a solid infrastructure comprising 58 branches and over 700 ATMs and multifunctional terminals in the Intesa Sanpaolo Bank Romania and Euronet networks; a better digital experience thanks to faster banking services through online platforms and mobile apps, which enable efficient and secure management of accounts, payments, and financial products; cutting-edge products and services thanks to competitive financial solutions for retail customers, SMEs, and businesses.
The new Intesa Sanpaolo Bank Romania, with total assets of approximately EUR3.1 billion, 170,000 customers and over 1,110 employees, is part of one of Europe's leading banking groups, which in turn has 21.5 million customers and a strategic presence in 12 countries in Central and Eastern Europe and Egypt, also standing out for its strong commitment to ESG principles, including ecological transition and social impact.
"The merger of First Bank into Intesa Sanpaolo Bank Romania is an important step in strengthening our presence in Central and Eastern Europe; it reflects Intesa Sanpaolo's confidence in Romania's potential and our long-term commitment to the country. We are proud to leverage our Group's experience, innovation, and values to support Romania's sustainable growth, working alongside people, businesses, and institutions to build an increasingly inclusive future," said Paola Papanicolaou, Head of the International Banks Division of the Intesa Sanpaolo Group.
Intesa Sanpaolo shares are up 0.5% at EUR5.61 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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