Intesa Sanpaolo Bank Romania and C.R. Firenze Romania will continue to operate independently this year, although both banks are part of Intesa Sanpaolo Grup, and at the beginning of the year submitted the necessary documents to the Romanian central bank for the approval of a merger. The group holds 56.22% of the shares of C.R. Firenze. This is yet another consolidation that has been delayed on a market that numbers over 40 credit institutions. Intesa Sanpaolo has taken the strategic decision to grow organically in Romania with a focus on retail, after weighing up potential acquisition targets. In order to finance the growth, the bank has operated a 100 million-euro capital increase. By taking over C.R. Firenze Romania, Intesa Sanpaolo's local subsidiary would add 10 banking units to its network in Bucharest, where the bank has a weak presence. At any rate, the bank intends to reach 90 units by the end of the year.
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