Raiffeisen Bank to acquire Garanti Bank Romania for 590 million euros

The National Bank of Romania (BNR) has approved Raiffeisen Bank’s acquisition of Garanti Bank Romania. The transaction, valued at approximately 590 million euros, includes Garanti BBVA Bank, Garanti BBVA Leasing, and Garanti BBVA Fleet Management, as well as Motoractive IFN and Motoractive Multiservices.

Payment for the share transfer is expected to occur early next week. While the acquisition is moving forward, the two banks will continue to operate separately until the final operational merger, which is targeted for completion by August 2027. Rebranding activities for the leasing division are scheduled to begin in November 2024.

Existing Garanti Bank customers will not see immediate changes to their accounts, cards, or credit contracts. Raiffeisen stated that current products remain unchanged until the transaction is finalized. Under Romanian law, any future proposed changes to payment service contracts must be communicated to clients at least two months in advance.