Banca Transilvania received approval for the acquisition of Volksbank Romania
Comunicat de presa 2015-03-17
Banca Transilvania was granted all the necessary approvals by the National Bank of Romania and the Competition Council regarding the purchase of Volksbank Romania. From now on, all other procedures for finalizing the transaction will be carried out.
BT estimates that the transaction between Banca Transilvania and Volksbank Romania will be closed during the first half of April 2015. On the occasion of the transaction closing, Banca Transilvania will make public further details regarding the conversion plan dedicated to clients who received Swiss franc loans from Volksbank Romania.
After transaction closing, BT will become a full-right shareholder of Volksbank Romania and the integration process within Banca Transilvania structure will commence. Horia Ciorcilă, Chairman of BT’s Board of Directors declares: “We wish to thank the National Bank of Romania and the Competition Council for their confidence in BT’s capacity to successfully accomplish this transaction for the benefit of clients, employees and shareholders of the two banks. The authorities’ approval is a step forward within the most ambitious project of Banca Transilvania so far, notably the acquisition of Volksbank Romania”. On December 10, 2014, BT announced the signing of a firm commitment to acquire Volksbank Romania, as a component of its strategy to create added value through the acquisition of banks and portfolios. From that time until transaction closing, the two banks will operate as separate entities, as per the rules governing such acquisition.