Banca Transilvania buys OTP Bank Romania in a EUR 347.5 million transaction

On Friday, Banca Transilvania signed an agreement with OTP Group for the acquisition of 100% of the shares it owns in OTP Bank Romania. As a result of this agreement, OTP Group sells its subsidiaries in Romania, marking the exit from the Romanian market.

The completion of the transaction is estimated in a few months, after receiving the approvals from the BNR and the Competition Council. The total price of the transaction to be paid by Banca Transilvania is EUR 347.5 million, BT announced on Friday.

After receiving the authorities’ approvals, Banca Transilvania will merge with OTP Bank Romania. OTP Group will ensure an easy transition for customers and employees until the integration into the Banca Transilvania Group is completed. Until then, OTP Bank Romania and its subsidiaries will continue to honor their commitments to customers and offer services at the highest level.

At this stage, there is no need for any action on the part of OTP Bank Romania customers, they will benefit from the same conditions as before in the relationship with OTP Romania. The Bank maintains its commitments to the Bethlen Gabor Foundation and will continue to work with its customers under existing terms and conditions, including multilingual/bilingual services where necessary.

“For the Banca Transilvania Group, the acquisition of the OTP Group business in Romania is an opportunity to strengthen our position as a market leader and to contribute to the consolidation of the Romanian banking market. We continue our ambitious plans for the organic growth of the bank, while maintaining interest in future acquisition opportunities. We thank the OTP Group team for what they built in our country and for the pragmatic discussions that led to positive results. We welcome OTP Bank Romania customers and employees to BT”, says Horia Ciorcilă, President of the Board of Directors of Banca Transilvania.

“Our bank has come a long way, 20 years, in Romania, during which we have registered a significant organic growth, but it has become increasingly clear to us that we cannot achieve our strategic growth objective without acquisitions, and in the future we see little prospect in this regard. I am confident that OTP customers will continue to benefit from high quality services and modern financial products. I thank the OTP Bank Romania team, the management colleagues, for their dedication and hard work, which were the basis of the bank’s growth and the quality standards offered”, says Sándor Csányi, President and CEO of OTP Bank.

In her turn, OTP Group Client Relationship Partner Eva Talmacsi said, “It is a pleasure to continue supporting our longstanding client in navigating the complexities of the disposal of its Romanian business to BT. OTP Bank Romania has been an important feature of Romania’s banking sector for two decades, characterised by strong organic growth and exceptional customer service. The disposal of its Romanian arm forms an important part of OTP Group’s strategic objectives, and we look forward to following OTP’s journey in realising its future plans.”