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Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, has assisted J.C. Flowers & Co. in finalizing the sale of First Bank to Italian group Intesa, thus marking the exit of the US private equity fund from Romania.

Clifford Chance Badea, the Bucharest office of global law firm Clifford Chance, has advised J.C. Flowers & Co. in connection with the sale of First Bank to the Italian group Intesa, a transaction that marks the exit of the American private investment firm from Romania, six years after its first acquisition.

US private equity investment firm J.C. Flowers, which has bought two banks in Romania - Piraeus Bank and Leumi Bank in the past two years, forming what is now known as First Bank, is in pole position to make another acquisition, Credit Agricole Romania.