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Banca Transilvania (BT) officials have announced on Monday the concluding of merger by absorption proceedings between BT (as absorbing company) and Volksbank Romania (acquired company), according to a notice sent to the Bucharest Stock Exchange (BVB), hotnews.ro reports.
According to sources close to the merger process, the negotiations between the parties were interrupted several times, one of the sensitive issues being the loans in Swiss Francs. Finally, the contract was signed on December 10 for 100% of Volksbank’s shares.
By the end of November Banca Transilvania had announced it is negotiating the takeover of the entire share package of Volksbank Romania, owned by the Austrian Group Volksbank, DZ Bank AG/WGZ Bank AG, Germany and BPCE France.
The Volksbank branch in Romania was to be sold until December 2015, according to a restructuring plan approved in 2012 by the European Commission.
Volksbank has registered losses for several years, the largest ones, of EUR 168.5 million, being registered in 2012. The largest part of the losses was generated by provisions.
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