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Anglo-Romanian Bank Ltd to be integrated within BCR

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2011-04-01 16:59

– Assets, liabilities, clients & employees of Anglo-Romanian Bank Ltd (ARBL) to be transferred to BCRrn- Clients of Anglo-Romanian Bank Ltd (ARBL) to benefit from more products and scale of BCRrn- Client service to be maintained throughout the completion of the transactionrnrnBucharest, 01 April 2011 – Banca Comerciala Romana (BCR), member of Erste Group, anounces it will integrate the Romanian business of its subsidiary Anglo-Romanian Bank Ltd (ARBL). Because of the difficult economic environment which deterred investor interest in ARBL’s market niche and its potential sale, the shareholder has taken this decision. As such, the business transfer (on a going concern basis) from ARBL to BCR is expected to be completed in the first half of 2011.rnUnder the transfer terms, BCR will receive ARBL’s business (assets, liabilities, clients) carried on through the subsidiary’s Branch in Bucharest and its Agencies in Constanta, Timisoara and Sibiu. Freehold Property will be transferred directly to BCR. BCR will also take over ARBL’s intangible assets and the operational infrastructure including software. rnFollowing the business transfer, ARBL clients will benefit from the broader array of services and products offered by BCR. Throughout the transaction, client service will be fully maintained without any interruption of service.rnrnEmployees of ARBL working in Romania (96 staff) will be transferred to BCR in accordance with Romanian legislation regulating the protection of employees in case of a transfer of undertaking (the TUPE regulation). BCR is making every effort to find suitable employment opportunities within BCR for all ARBL employees.rnThe disposition of ARBL London,(UK) wil be subject to a separate decision after the business transfer is completed.

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