SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
SEE TOP 100
arrow
Browse SEE TOP 100
Latest in SEE TOP 100
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

C-bank clears takeover of Porsche Bank Romania - report

Jun 24, 2024, 9:38:44 AMArticle by Alexandru Cristea
share
June 24 (SeeNews) - Romania's central bank, BNR, has approved the takeover of Porsche Bank Romania by local IT&C entrepreneur Dan Ostahie and local company Real Estate SRL, Agerpres news agency reported.

C-bank clears takeover of Porsche Bank Romania - report
Porsche Bank Romania Source: Porsche Bank

Following the completion of the transaction, Ostahie will own 90.1% of Porsche Bank Romania, while Real Estate SRL will own 9.89%, Agerpres news agency reported last week.

Real Estate SRL is part of Romanian IT&C and electronics retailer Altex Group, which is owned by Ostahie.

The acquisition of Porsche Bank Romania, whose value was not disclosed, does not include a transfer of the Porsche Bank brand or the right to use it, Agerpress reported. Following the completion of the deal, which will take place by the end of July, the lender will be renamed to Credex Bank.

Romania's competition authority approved the takeover in 2022.

Established in 2000, Altex Group comprises IT&C and electronics retailers Altex Romania and Media Galaxy, Complet Electro Serv, consumer loan company Credex, car dealer Auto Moldova, software developer Axsys Business Technologies, as well as real-estate companies Cometex and Real Estate SRL.

Porsche Finance Group Romania is a subsidiary of Porsche Bank AG, part of Volkswagen AG and Porsche Holding. It operates in Romania on the financial-banking services market through Porsche Bank Romania and Porsche Leasing Romania IFN, whose predominant activity is lending - mostly in the form of consumer loans and car leasing.

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.