Intesa Sanpaolo completed the acquisition of First Bank from J.C. Flowers & Co.

Intesa Sanpaolo, a company specializing in capital markets & investment banking, completed the acquisition of First Bank, a commercial bank with 40 branches in Romania, from J.C. Flowers & Co, a private equity firm. Financial terms were not disclosed. “We're pleased to welcome First Bank’s employees and customers into the Intesa Sanpaolo Group. This operation doubles our presence in Romania, a high-growth country with strong ties to Italy, and fits well with our strategy to capture value-driven opportunities while maintaining our focus on organic growth, aimed at driving profitability. Expanding in Romania strengthens our well-established position in Central and Eastern Europe and actively supports the internationalization of Italian companies. We look forward to working with our new colleagues very soon,” Marco Elio Rottigni, Intesa Sanpaolo CEO International Subsidiary Banks Division.