The board of Romanian lender Banca Transilvania approved a capital increase by some EUR 11.2 million by converting bonds into shares.

The bank’s share capital will increase from RON 2.55 billion to 2.60 billion (EUR 591.9 million) by issuing a total of 49.44 million shares with a nominal value of RON 1 per share, according to a notice sent by Banca Transilvania to the Bucharest Stock Exchange BVB. The conversion price is RON 1.7862 per share, taking into account an exchange rate of RON 4.4 per EUR.

Banca Transilvania closed the first half of 2014 with a net profit of EUR 47.7 million, 18 percent higher than for the same period of 2013. At the end of the first six months, the bank’s assets reached EUR 5.18 billion, which is 5.7 percent more than at the end of 2013.

Irina Popescu, irina.popescu@romania-insider.com