Raiffeisen Bank has completed the purchase of all shares in the Garanti BBVA Romania Group from subsidiaries of Banco Bilbao Vizcaya Argentaria (BBVA), the bank said, as reported by Economica.net / Agerpres.

The deal covers Garanti Bank SA, financial-leasing firm Motoractive IFN SA (Garanti BBVA Leasing) and Motoractive Multiservices SRL (Garanti BBVA Fleet Management).

“Completing the transaction is a key moment: it closes the acquisition and opens a new chapter for Garanti BBVA Romania within the Raiffeisen Group. Garanti BBVA Romania and Raiffeisen Bank are next to merge. Until the legal merger is finished, Raiffeisen Bank and Garanti BBVA will keep operating as separate banks,” the statement said.

Existing contract terms stay unchanged; customers need take no action at this stage. Products, accounts, cards and digital channels remain in use until the merger and operational migration.

Raiffeisen Bank International CEO Michael Hollerer said Romania is a priority market and that combining the two banks builds a “stronger and more competitive” player. Zdenek Romanek, chairman and CEO of Raiffeisen Bank Romania, spoke of a boost to growth plans and of keeping what sets Garanti BBVA apart.

During integration, Garanti BBVA’s management board is chaired by Romanek, with Alina Rus and Mircea Busuioceanu as members and Ebru Ogan Knottnerus and Ali Temel as independent members. Raiffeisen Bank serves about 2.4 million customers in Romania.

Source consulted: Raiffeisen Bank completes Garanti BBVA Romania Group purchase — Economica.net.

Image: bank building in Bucharest (Wikimedia Commons, CC BY-SA 4.0).

Sources consulted: Raiffeisen Bank completes Garanti BBVA Romania Group purchase — Economica.net.