The Agricultural Bank of Greece ATEBank will take over 50.94% of Romanian bank MindBank in a deal worth 32.06 million euro, an ATE press release says. The takeover decision follows a process of accounting checks and the conclusion of the transaction will depend on approvals from the central banks in the two countries.
ATEBank also announced it plans to increase its participation in the Romanian financial company further.
The Greek bank announced on May 29 it had signed a preliminary accord to buy a majority stake in MindBank as part of its strategy to expand in Balkan, Black Sea and East Mediterranean countries.
The Bank for Small Industries and Free Initiative MindBank started its activities on October 1, 1990 as the first private, domestic and foreign capital established in Romania after 1989. According to current accounting sheets, it reported a net profit of 6.9 million RON by December 31, 2005, compared to 2.7 million RON in the previous year.