The Competition Council in Romania cleared the transaction by which local businessman Dan Ostahie takes over Porsche Bank Romania, according to a press release from the competition authority.

The deal will not involve the Porsche brand or assets of Porsche Bank - some RON 900 mln (EUR 189 mln) - but only the banking license, according to details disclosed when the deal was announced in March.

Following the deal, Porsche Bank Romania will transfer the activity to Porsche Bank non-bank financial institution (IFN), Profit.ro explained, quoting the group's officials.

Dan Ostahie controls Altex Group, which is organized on several lines of activity, namely retail, IT services, import, production and distribution of electro-IT products, service, non-banking financial services, transport, automotive, and real estate.

Porsche Bank is part of the Porsche Finance Romania Group. The group operates in Romania in the financial-banking services market through Porsche Bank Romania and Porsche Leasing Romania IFN, whose predominant activity is lending (especially in the form of consumer loans and car leasing).

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andrei@romania-insider.com