Home / BUSINESS / FINANCIAL / BANKS / Important bank in Romania ceases to exist on December 31

Important bank in Romania ceases to exist on December 31

The date of the merger through which Banca Transilvania, the largest banking group in Romania, has taken over Bancpost, has been settled for December 31, 2018, on condition that the National Bank of Romania (BNR) gives its consent.

On this date, Bancpost ceases to exist, it will be dissolved without winding-up and its entire patrimony will be taken over by Banca Transilvania,” reads the merger draft of the two banks.

Banca Transilvania, the second bank in Romanian banking system, has officially become  the owner of the majority of shares (99.15 percent) held by Eurobank Group in Bancpost in early April 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.

“Bancpost acquisition represents a very important moment in the story of Banca Transilvania and a strategic step forward in consolidating our position in the market. We are initiating an ambitious integration plan into Banca Transilvania Financial Group, based on the synergies between Banca Transilvania and Bancpost. We are prepared to adapt ourselves to a new dimension of the bank, while the strong commitment of BT remains the support offered to the Romanian entrepreneurs and economy”, Horia Ciorcila, Chairman of the Board of Directors, Banca Transilvania stated back then.

Banca Transilvania nominated Leontin Toderici, Deputy General Manager – Chief Operations Officer in Banca Transilvania, to coordinate the integration of these entities within the Financial Group Banca Transilvania. The integration will be implemented by team in both banks, BT and Bancpost. Leontin Toderici has over 20 years of banking experience, had a PhD in economy applied informatics and an executive MBA

 

About Romania Journal