Banca Transilvania (BT) has reached an agreement with the Eurobank to acquire the shares held by the Greek bank in Bancpost, ERB Retail Services IFN S.A. and ERB Leasing IFN S.A., as a press release informs.
“The acquisition of Bancpost represents a value accretive opportunity for Banca Transilvania that will be maximized through the integration of the two banks. The acquisition will complement BT’s organic growth strategy so that we may further strengthen and consolidate our market position. We are prepared to responsibly adapt to the new dimension of Banca Transilvania, to a new chapter. BT will continue pursuing its objective of supporting the Romanian entrepreneurs and the local economy, with the aim of further boosting the value creation for BT’s shareholders, clients and employees,” Horia Ciorcila, Chairman of BT’s Board of Directors, stated.
Banca Transilvania and Bancpost will continue to carry out their activity independently until the receipt of the required approvals from the National Bank of Romania and the Competition Council, expected in the following months. Once the acquisition is completed, BT will work on the integration roadmap with the support of BT and Bancpost teams.
“With the divestment of Bancpost and its affiliates, Eurobank fulfils the last outstanding divestment obligation under its restructuring plan as approved by the European Commission with a capital accretive transaction. I believe that this transaction with a reputable partner such as Banca Transilvania is in the best interest of Bancpost clients, depositors and employees. Going forward Eurobank will concentrate and further develop its key markets,” Stavros Ioannou, Deputy CEO of Eurobank also commented.
With a market share above 13 percent and total assets in amount of RON 54.9 billion (EUR 11.9 billion), Banca Transilvania is the second largest bank in Romania. BT has over 7,000 employees, 2.2 million clients and approximately 500 units.
Bancpost is the 9th bank in Romania, with a market share of almost 3 percent and total assets amounting to RON 11.6 billion (EUR 2.5 billion). Bancpost employs over 2,000 people through the network of approximately 150 units, serving more than 1 million clients.