First Bank has completed its previously announced acquisition of majority stake in Bank Leumi Romania.

The acquisition closed following the receipt of necessary approvals from the National Bank of Romania and the Romanian Competition Council and other closing conditions.

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In April this year, First Bank signed an agreement to acquire Bank Leumi Romania for an undisclosed sum.

The Romanian lender, which was a subsidiary of Bank Leumi le-Israel, offers retail and commercial banking services.

As of 31 December 2018, it had 15 branches with more than €250m in assets.

With the deal now complete, the lender will be led by a new board of directors and an executive president.

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First Bank executive president Dominic Bruynseels said: “We welcome all the new possibilities deriving from this milestone event: the know-how of our colleagues in Bank Leumi Romania, their experience in dealing with a very special portfolio, its clients whom we are eager to serve.

“The two businesses will go through an integration process preceding the merger. We believe that this acquisition will transform First Bank in a stronger, more relevant banking partner for all our current and future clients as our joined forces with Bank Leumi Romania will add to our previous knowledge and expertise.”

First Bank, owned by the American private equity fund J C Flowers, offers retail, SME and corporate banking services. It is based in Bucharest and has 59 branches with 1,200 professionals.