Duet buys minority stake in Marfin Bank Romania

Following the deal, Duet plans to expand the bank's existing management team with additional managerial staff.

The transaction is the second time in the space of two years that the vendor has put the local lender up for sale. In 2015 a deal between the Cyprus Popular Bank and the Bank of Beirut fell through.

Duet used a special investment vehicle for the deal, but is considering raising a fund for further acquisitions in the CEE region, chief investment officer Karim Khimji told unquote".

The GP is seeking further investment opportunities in the financial services sector but said it was premature to comment on in which geographies it is considering deploying capital.

The transaction is subject to approval by the National Bank of Romania.

The GP was attracted to the Romanian financial services sector by robust government regulation as well as the country's GDP figures, which grew by 5.9% in the second quarter 2017.

Additionally, a fragmented financial market offers future opportunities for consolidation, Khimji said.

Duet Equity Partners invests primarily in the fast-moving consumer goods sector in Africa. Its other key investment targets are assets in financial services. 

Company
Headquartered Bucharest, Marfin Bank Romania is a subsidiary of the Cyprus Popular Bank. It was formed in 1998 and operates 22 branches across Romania.

People
Duet Equity Partners – Karim Khimji (chief investment officer)

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• Topics
• CEE
• Financials
• Romania