Banca Transilvania (BVB: TLV), the biggest financial group in Romania by assets, said that it completed the acquisition of OTP Bank Romania and other subsidiaries from OTP Group in the local market. The deal has recently received the approvals of both the Competition Council and the National Bank of Romania. 

The other subsidiaries acquired by Banca Transilvania are OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania, and OTP Bank Foundation Romania.

The acquisition of OTP Asset Management by Banca Transilvania is in the final approval process.

Next, BT will start the integration of OTP Bank Romania and the other subsidiaries.

“BT is well prepared for a speedy and seamless integration within BT Group, and I am confident that we will execute it very well, in the best interest of customers, employees, and the overall market,” said Horia Ciorcilă, Chairman of Banca Transilvania Board of Directors.

Sándor Csányi, OTP Bank Chairman and CEO, commented: “The main strategic goal of OTP Group is to increase its market share in the CEE region – and recently in Central Asia - through organic growth and acquisitions. We have followed this strategy also in Romania for twenty years of our presence, however, we could not reach the optimum level of market share, so the management made the decision to sell this group member. This step will allow our group to focus on markets where we can achieve a more significant presence in the future.”

Pending approvals from the National Bank of Romania, the leadership of OTP Bank Romania until the merger will be entrusted to Luminiţa Runcan as CEO.

Between the closing and the merger, the two banks and the other subsidiaries will operate as separate entities, BT said, adding that this phase does not bring immediate changes for customers.

irina.marica@romania-insider.com

(Photo source: Banca Transilvania)