Clifford Chance Badea has advised First Bank, owned by US-based investment fund J.C. Flowers & Co., in relation to its acquisition of Bank Leumi Romania, one year after the first transaction of the American investor on the Romanian Banking industry.

The deal involved a mixed team of M&A and Banking & Finance lawyers coordinated by managing partner Daniel Badea and counsel Loredana Ralea.

“As the Banking industry is undergoing recalibration, the quality of M&A deals and investors is vital for the future consolidation of the industry overall. We are honoured to have once again provided support to J.C. Flowers & Co. and First Bank in relation to a significant acquisition for the Romanian Banking market. This transaction adds to a strong portfolio of representative deals for our M&A and Banking & Finance practices,” Daniel Badea, Clifford Chance Badea Managing Partner, said.

The deal is to be finalized following the approval of the National Bank of Romania and of the Romanian Competition Council.