First Bank entered into an agreement to acquire 99.92% stake in Bank Leumi Romania S.A. from Bank Leumi le- Israel B.M. (TASE:LUMI) on April 17, 2019. The transaction is to be approved by the National Bank of Romania and the Romanian Competition Council. The transaction is expected to be finalized within the second part of the year. As of June 24, 2019, Romanian Competition Council approved the takeover. Daniel Badea, Madalina Rachieru-Postolache, Loredana Ralea, Radu Costin, Ecaterina Burlacu, Bogdan Creteanu, Gabriela Muresan, Mihnea Niculescu and Maria Ciulica of Badea Clifford Chance acted as legal advisors to First Bank. Marian Dinu, Paula Corban-Pelin, Georgiana Stan and Ciprian Frandes of DLA Piper acted as the legal advisor to Bank Leumi le- Israel B.M. (TASE:LUMI). Jefferies LLC acted as financial advisor to Bank Leumi le- Israel B.M. Ernst & Young acted as financial advisor and accountant to First Bank SA. First Bank completed the acquisition of 99.92% stake in Bank Leumi Romania S.A. from Bank Leumi le- Israel B.M. (TASE:LUMI) for RON 90.5 million on July 10, 2019. Under the terms of the transaction, First Bank paid RON 76.05 million. On October 10, 2019, an addendum was signed to the shares acquisition contract, for an additional consideration to be paid for the participation, of RON 14.5 million. The amount of RON 14.5 million was fully paid on October 16, 2019. Bank Leumi Romania has a new Board of Directors and a new Executive President, Ion Popovici. The New Board of Directors includes Ilinca Rosetti, Chairman, Robert Maxim, Manfred Rauchwerger, Razvan Filcescu, and Bogdan Ciobotaru. Necessary approvals from the National Bank of Romania and the Romanian Competition Council has been received and the other conditions usual for transactions of this type have been completed.