The message from Banca Transilvania regarding the acquisition of Volksbank Romania. BT and Volksbank Romania, one single team. Banca Transilvania is expanding.
Comunicat de presa 2015-04-07
“We are pleased to announce the successful closing of the transaction related to the acquisition of Volksbank Romania by Banca Transilvania. Our message addresses the clients, shareholders, teams and partners of both BT and Volksbank Romania. We hereby wish to share our priorities and vision with all the people interested in this topic.
For Banca Transilvania – which started its activity in Cluj, 21 years ago, with a team of 13 employees – the acquisition of Volksbank Romania represents a new challenge, a transformation, a great step ahead. In fact, this is the 3rd makeover of our bank, after the one from 2001 (when we initiated the extension process at national level) and the one from 2009 (the adjustment of our business model to face the challenges of the economic crisis).
Banca Transilvania and Volksbank Romania make a good team together
There are three main reasons for which Banca Transilvania purchased Volksbank Romania: this transaction is an opportunity which sustains our growth and consolidation strategy; VBRO counts ~180.000 clients and holds a considerable retail loan portfolio. Additionally, we have complementary business models and we share the same market.
Starting from December 10, 2014, when a firm commitment was signed for the acquisition of Volksbank Romania by Banca Transilvania, the two banks have operated as separate entities, until the accomplishment of legal formalities and the obtention of necessary approvals. From now on, Banca Transilvania and Volksbank Romania will work together and will gradually become a single team.
A better bank
Many people say that the acquisition of Volksbank Romania will help us grow as a bank and therefore we thank them for their confidence. However, our top priority at this very moment is to become a better bank for our customers, by maintaining our commitment to a prudent growth strategy. Keeping in mind that the whole is greater than the sum of its parts, we now have the opportunity to harmonise the strengths of Banca Transilvania and Volksbank Romania, to discover new synergies and solutions, to be more efficient, to build a better team, to offer more favourable conditions to our business partners, to enhance our product portfolio and to extend our unit network. We intend to generate a positive perception on the merger among our customers, as we are interested in preserving a long-term business relationship with all of them.
Our cooperation proposal to the clients of Volksbank Romania
Considering the aggressive increase of the CHF exchange rate during the last few years and the social impact of this evolution, we commit to provide solutions to this issue. The first decisions of Banca Transilvania as a shareholder of VBRO are the following: stop calculating the risk fee with respect to the clients currently included in the portfolio of Volksbank Romania, who signed agreements stipulating such a fee; refunding the amounts already charged on account of such fee, in stages, by diminishing the outstanding principal; reductions for clients who choose to convert their CHF loans in RON or EUR and the extension by one month (until May 17, 2015) of the decision regarding the freeze of the CHF exchange rate at the level valid on 31.12.2014. In concrete terms, starting from 4.05.2015, a reduction of 22.5% will be available in the units of Volksbank Romania for all the clients who intend to convert their CHF loans in RON or EUR. The risk fee will also be added to this reduction percentage, on a case by case basis. Thus, a number of 18,300 clients of Volksbank Romania may benefit from the solution provided by Banca Transilvania. The infrastructure of Volksbank Romania is currently being adjusted, so that all changes happen according to the plan.
We wish to thank the clients of Volksbank Romania for their patience and understanding and to welcome them within the family of Banca Transilvania Financial Group! We are ready to assist them in the units of Volksbank Romania, but also in our 550 units across the country.
We wish to thank our consultants from Peli Filip Law Firm, KPMG Romania, VCP Vienna Capital Partners and A.T. Kearney Management Consulting, who have offered us valuable support in the previous stages of this transaction. We also express our gratitude to the authorities – mainly the National Bank of Romania and the Competition Council – for their confidence and cooperation. We convey our thanks to the press, for disseminating the information regarding this project. Last but not least, our appreciation goes to our shareholders, for their confidence in Banca Transilvania.
We are ready for a new dimension of Banca Transilvania
We intend to preserve our business model and organisational culture, by relying on our strengths. We have designed a growth and consolidation strategy, therefore we are ready for this new dimension of Banca Transilvania. In the following months, Volksbank Romania will be gradually integrated within our bank’s structure.
The beliefs guiding our future are trust and determination. We remain open to further acquisition opportunities bringing added value both to Banca Transilvania and to our customers.
We will continue to sustain the Romanian economy and to maintain a rational and responsible approach to our customers, employees, shareholders and the market, aiming at a sound development of Banca Transilvania Financial Group. It is essential for us to honour our commitments.
We are “the bank for entrepreneurial people”. Volksbank Romania means “with and about people”. We are sure that we will make a good team together.
The story goes on”.
Horia Ciorcila, Chairman of BT’s Board of Directors and Ömer Tetik, BT’s CEO