The National Bank of Romania (BNR) approved the acquisition of Porsche Bank Romania SA by businessman Dan Ostahie, the owner of IT&C retailer Altex, the company announced.

BNR approved the direct acquisition by Dan Ostahie (90.10%) and Real Estate Srl (9.89%) of 100% of the social capital and voting rights of Porsche Bank Romania.

The agreement doesn’t cover the transfer or use of the brand Porsche Bank. The bank’s new name will be Credex Bank.

The transaction is to be completed by the end of July of this year, and the bank will remain operational throughout and after being taken over by the new shareholder.

The Competition Council approved the transaction in June 2022.

Ostahie controls the IT and appliances retailer Altex, which has a network of some 130 stores across the country. The group also includes the non-bank financial institution Credex.

(Photo: Vitezslav Vylicil | Dreamstime.com)

simona@romania-insider.com