November 10 (SeeNews) - Greece's Eurobank Ergasias [EUROB:ATH] said on Friday that it expects to sign the deal on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania (BT) at the end of November.
Eurobank (ERB) and BT have been pursuing exclusive negotiations since mid-September as regarding the potential sale of Bancpost, ERB Retail Services IFN and ERB Leasing IFN in Romania.
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"During the last few weeks there has been significant progress towards a positive outcome and the negotiations have almost been finalized, as parties are completing final formalities for the signing of an agreement, Eurobank said in a statement filed with the Athens Stock Exchange.
"The senior management teams of both ERB and BT would like to re-affirm their commitment to execute a fair and beneficial transaction for all their stakeholders and reassure that the signing of the transaction is estimated for the end of November 2017 and will be announced publicly as soon as the remaining formalities will be finalized."
Further details will be released to the public and to the investors after finalizing the necessary steps as well as obtaining all relevant approvals, Eurobank added.
In the SEE region, Eurobank is also present in Bulgaria and Serbia.
Banca Transilvania is the largest Romanian privately-owned bank by assets and the second-largest bank by total assets in Romania.
The European Bank for Reconstruction and Development (EBRD) said on Tuesday that Banca Transilvania intends to acquire an initial stake of over 39% in Victoriabank, Moldova’s third-largest bank. As a result of the planned investment, Banca Transilvania and the EBRD will jointly hold a controlling stake in Victoriabank.
Banca Transilvania's shares traded 0.95% higher at 2.1350 lei on Friday at 1125 CET, on the Bucharest Stock Exchange, BVB.
(1 euro=4.6279 lei)
Banca Transilvania SA is among the biggest banks in SEE. You can download our SEE Top 100 ranking
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