Romania’s third largest lender Banca Transilvania will take over the performing retail loan portfolio owned by Bank of Cyprus’ local branch. The two banks signed the agreement on Thursday, January 29.

More information on the transaction will be made public at the end of February when the deal should be completed.

In the past, Banca Transilvania has tried to take over the local subsidiary of the Bank of Cyprus during the crisis that affected Cyprus in 2013. However, the parent-bank rejected the offers submitted by Banca Transilvania, as well as another local lender, Raiffeisen Bank, in April 2013.

Banca Transilvania was again after Bank of Cyprus’ portfolio at the end of 2014 but then decided to buy Volksbank Romania.

Bank of Cyprus was one of the important shareholders in Banca Transilvania until April 2014, when it sold a 10% stake in the lender to the local investment funds SIFs for EUR 82.5 million.

Banca Transilvania reaches 2.2 million clients after Volksbank merger

editor@romania-insider.com