February 6 (SeeNews) - Romania's competition authority said on Tuesday it is considering the recently agreed deal for the acquisition of Greece's Eurobank Romanian units by Banca Transilvania [BSE: TLV]
Banca Transilvania announced in November it has reached an agreement with Eurobank Ergasias for the takeover of the Greek bank's subsidiaries in Romania for an undisclosed sum.
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"In order to determine the concentration compatible with a normal competitive environment, the competition authority will consider the notified transaction under the merger regulation," the anti-trust body said in a press release.
The Competition Council said it will make a decision within 45 days after the notification becomes effective.
As a result of the transaction, Banca Transilvania will acquire holdings in the companies which are part of the Eurobank Group in Romania, namely Bancpost, ERB Retail Services IFN and ERB Leasing IFN in Romania.
Banca Transilvania is the largest Romanian privately-owned bank by assets and the second-largest bank by total assets in the country. Its net profit rose by 18.7% year-on-year in the first nine months of 2017, reaching 780 million lei ($198 million/166 million euro).
In January, Banca Transilvania became a shareholder of Victoriabank, Moldova’s third-largest lender.
Banca Transilvania's shares traded 4.53% lower at 2.2150 lei at 1359 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.6423 lei)
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