Romania’s largest financial group reached an agreement to take over the leasing company Tiriac Leasing IFN from its shareholders, pending the necessary approvals.

The Board of Directors of Banca Transilvania approved, on January 14, the completion of the transaction. The contract was signed the same day.

The sellers are Molesey Holdings Limited (Cyprus-based vehicle owned by Ion Tiriac) and Hyundai Auto Romania.

Banca Transilvania informs that the transaction does not represent a significant change in its financial position, as the assets to be added represent less than 1% of the assets of the BT group.

BT Group is already active in the leasing market through BT Financial Group.

Tiriac Leasing IFN will continue to operate as a separate entity until the completion of the acquisition procedures. Only after this date will the integration process within the BT Financial Group commence.

The integration process will take place only after fulfilling all the legal procedures, as well as after requesting and obtaining all the necessary approvals from the competent authorities.

Țiriac Leasing has operated on the market for over 20 years, having developed a diversified portfolio of leasing products with a significant and recognized specialization in the automotive sector.

At the date of this transaction, Țiriac Leasing has EUR 213 mln worth of assets and 37,000 customers.

(Photo: Pixabay)

andrei@romania-insider.com