Dinu Patriciu reaches agreement with Erste to take over Anglo-Romanian Bank

Businessman Dinu Patriciu has reached an agreement with Erste Bank, the majority shareholder of BCR, in order to take over the Anglo-Romanian Bank, which is part of the BCR group, banking sources say.

The deal is put at some 100 million euros and is to be completed soon. Patriciu is thus taking one more step on the financial services market after having bought a stock broker this spring, whereas BCR, which 100% owns Anglo-Romanian Bank, gets a welcome injection of cash at a time when financing resources are dwindling fast on the banking markets.

BCR is also expecting to get 244 million euros from the sale of its insurance division, now that all approvals required to finalise the deal have been secured.

Ziarul Financiar