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Romanian National Bank Blocks OTP/Banca Romaneasca Deal

The National Bank of Romania (BNR) has blocked the sale of Banca Romaneasca to Hungarian bank OTP. The deal, worth 650 million euros, was agreed in July 2017 and given the all clear Romania’s competition council in December. BNR approval was the final step. The BNR has so far not offered any explanation as to why it has blocked the transaction.