The shareholders of Banca Transilvania have approved the merger of Volksbank Romania with Banca Transilvania
Comunicat de presa 2015-10-08
• The status of the VBRO - BT integration program •
The shareholders of Banca Transilvania (BT) have approved the merger of Volksbank Romania (VBRO) with Banca Transilvania, during the General Meeting of Shareholders held today in Cluj-Napoca. On this occasion, BT presented to its shareholders the status of the integration program of VBRO into BT: the evolution, achievements to date and following steps.
Horia Ciorcila, Chairman of Banca Transilvania’s Board of Directors, said: “I would like to thank the shareholders, on behalf of the Board of Directors, for the trust shown by approving the merger of Volksbank Romania with Banca Transilvania. We would also like to thank the management of the two banks and the mixed team directly involved in the integration phase for their efforts throughout this period. We respect the commitments made during the announcement of the acquisition, we continue to have a responsible approach, and we rely on the strengths of BT and VBRO in order to become the best bank for clients”.
The integration of Volksbank Romania into Banca Transilvania began in April this year and will end on December 31, so far all the steps having met the scheduled time limits. The program is organized on 25 projects in key areas, with mixed teams consisting of employees from BT and VBRO.
Current status of the Volksbank integration project:
- Successful completion of the CHF loans novation: more than 83%, that is around 14,700 of the eligible clients, having a CHF denominated loan with Volksbank Romania have accepted the conversion offer, thus becoming BT clients;
- Successful implementation of the debt rebate solution for current loans of VB retail clients. More than 15,000 VB clients received such a rebate. The total rebate level amounts to RON 290 million
- Successful data migration simulations
- 360° communication – with clients, shareholders, authorities and staff
- Joint strategy for the network, at country level
- Banking functions such as: treasury, risk, compliance, anti-fraud and internal control aligned in both banks
Further to the merger approval received today, the project enters the final phase which will be rolled out until year-end. Main topics for this period are related to the customer experience, including: data migration simulations, consistent communication, launching welcoming products and services packages and the joint network and team preparation.