Raiffeisen confirms takeover of Garanti BBVA’s Romanian subsidiary
Austria's Raiffeisen Bank confirmed on March 28 that it would buy Garanti BBVA's Romanian business for EUR 591 million, its first significant acquisition in recent years, according to Reuters. The takeover will bring Raiffeisen to fourth…
iulian ernst · Journalist
· Updated · 2 min read
Austria's Raiffeisen Bank confirmed on March 28 that it would buy Garanti BBVA's Romanian business for EUR 591 million, its first significant acquisition in recent years, according to Reuters. The takeover will bring Raiffeisen to fourth place in Romania by assets, after Banca Transilvania, BCR, and UniCredit – from its sixth place before the takeover, by surpassing BRD-SocGen and CEC.
The deal marks a turning point for Raiffeisen, which has long been under pressure to withdraw from Russia due to its invasion of Ukraine and the imposition of Western sanctions on Moscow, the news agency commented.
