October 17 (SeeNews) - Romania's Banca Transilvania [BSE:TLV] said its shareholders have approved the merger with Bancpost which will take place on December 31.
In the upcoming period, Bancpost customers will receive information regarding the corresponding products and services from Banca Transilvania, the bank said in a statement on Tuesday.
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"Based on the Banca Transilvania - Bancpost synergies and seeing the results so far, we are confident that we will successfully finalize the ambitious integration plan in December, when the two banks will merge," BT board of directors chairman, Horia Ciorcila, said.
Banca Transilvania acquired Bancpost from Greece's Eurobank Group in April 2018 and currently holds over 99% of Bancpost's share capital. Following the acquisition, the integration of Bancpost into Banca Transilvania financial group started, respectively the process of obtaining the approvals of the authorities.
In September, Banca Transilvania obtained clearance for the merger from the National Bank of Romania.
Until the end of 2018, when the integration will be completed, the two banks will continue to operate separately. The last working day at Bancpost will be December 28 and the first working day next year at Banca Transilvania will be January 3.
Banca Transilvania has 2.5 million customers, nearly 500 branches and more than 7,000 employees.
Its shares last traded 2.62% higher at 2.35 lei as of Tuesday on the BVB.
(1 euro=4.6677 lei)
Banca Transilvania SA is among the biggest banks in SEE. You can download our SEE Top 100 ranking
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