Patria Bank S.A. agreed to acquire Banca Comerciala Carpatica S.A. in a reverse merger transaction.

Patria Bank S.A. agreed to acquire Banca Comerciala Carpatica S.A. (BVB:BCC) (‘BCC’) in a reverse merger transaction on August 19, 2016. The transaction is structured as the acquisition by BCC of Patria Bank in exchange for approximately 2.97 billion shares at an exchange ratio of 3.0566. BCC shares held by Patria Bank will be cancelled before the share issue. The combined entity formed by merging the operations of Patria Bank and Banca Comerciala Carpatica will become one bank which continue to be listed on the Bucharest Stock Exchange and will be named Patria Bank. The transaction is subject to approval of National Bank of Romania, shareholders of Patria Bank and BCC and Bucharest Court and anti-trust regulators. On October 5, 2016, BCC shareholders approved the deal while on October 8, 2016, the transaction was approved by the shareholders of Patria Bank. The National Bank of Romania approved the merger on November 29, 2016. The transaction was approved by the Bucharest Court of Appeal on April 21, 2017.