Banca Transilvania (BT) acquired OTP Bank Romania on Tuesday, as well as the other OTP Group subsidiaries in Romania, according to an announcement made on Tuesday by BT. The transaction recently received the approval of the Competition Council and the National Bank of Romania. The acquisition of one of the subsidiaries, OTP Asset Management, is in the stage of approval by the authorities.
The first step was taken in February 2024, when BT and OTP Group announced the signing of the acquisition agreement. The other subsidiaries bought by Banca Transilvania are OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania and OTP Bank Romania Foundation. Given that the transaction has been completed, Banca Transilvania begins the integration of OTP Bank Romania and the other subsidiaries.
Regarding OTP Asset Management, the closing of the transaction will take place at a later date, after receiving approvals from the authorities, and will be followed by the integration into the BT Group.
“Banca Transilvania has a very successful history in terms of acquisitions. The integrations of the acquired companies helped us become the leader of the Romanian market. The step taken today is in this direction and strengthens our commitment to support the Romanian economy. BT is ready for a fast and smooth integration, I am confident that we will do a very good execution of the integration, in the interest of customers, employees and the market”, stated Horia Ciorcilă, President of the Board of Directors, Banca Transilvania.
“The main, strategic objective of OTP Group is to increase its market share in Central and Eastern Europe – and recently in Central Asia – through organic growth and acquisitions. We had the same strategy in Romania for twenty years, but we did not manage to reach the desired market share, so the management’s decision was to sell these subsidiaries. This step allows our group to target markets where it can have a much larger presence in the future. I am convinced that Banca Transilvania, as the market leader in Romania and the new owner of OTP Bank Romania, will offer numerous opportunities to customers and employees”, said in his turn Sándor Csányi, President and CEO, OTP Bank.
The integration will be coordinated by Luminița Runcan, as General Manager of OTP Bank Romania – after receiving approval from the NBR for the new position. Luminița Runcan has over 30 years of experience in the banking field, during which she held a number of management positions at Banca Transilvania, including Deputy General Manager Treasury and Deputy General Manager Risk Management.