Banca Transilvania shareholders have approved on Tuesday the merger with Bancpost, setting the date for December 31, 2018.
Following the transaction, the new bank will be the largest in Romania.
„Seeing the results so far and considering Banca Transilvania-Bancpost synergies we are confident that we’ll concluded well the ambitious integration plan in December, when the two banks will merge,” said Horia Ciorcilă, chairman of BT Board of Directors.
Banca Transilvania, the second bank in Romanian banking system, became the owner of the majority of shares (99.15 percent) held by Eurobank Group in Bancpost in the spring this year, as well as the owner of the shares held in ERB Retail Services IFN and ERB Leasing IFN.
In terms of transaction details, Bancpost was acquired at 75 percent of its net assets value, for an amount of EUR 178.67 million. For the non-banking financial retail subsidiary Banca Transilvania paid EUR 40.42 million (with a price-per-book value of 77 percent), while the acquisition of leasing subsidiary it paid EUR 6.79 million (with a price-per-book value of 63 percent). In addition, Banca Transilvania reimbursed the subordinated loan amounting to EUR 80 million on behalf of Bancpost.