Greek ATE Bank to sell Romanian branch.

By bne IntelliNews May 26, 2011
Greek state-owned ATE Bank financial group decided to sell its majority stake in Romanian branch ATE Bank Romania, under the bank's restructuring plan, approved earlier this week by the European Commission, Ziarul Financiar daily reported. The Greek financial group will sell the Romanian branch along its Serbian branch and other assets. The deal is likely to be completed this year, but in any case no later than end-2012. ATE Bank Romania held RON 1.8bn (EUR 430mn) in assets as at end-2010 and ranked 24th in the countrys banking market with a 0.56% share in terms of assets. Greek ATE Bank group controls 74.12% of the Romanian branch, while IFC holds 15% and the Romanian cooperatives federation UNCM - another 7.36%. ATEs Romanian branch also operates an insurance division, ATE Insurance.

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