You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Romania's Banca Transilvania aims to complete buy of Idea Bank at end-Oct

Romania's Banca Transilvania aims to complete buy of Idea Bank at end-Oct Source: Idea Bank

BUCHAREST (Romania), October 12 (SeeNews) - Romanian lender Banca Transilvania [BSE:TLV] said on Tuesday it expects to complete the acquisition of Getin Holding's Bucharest-based subsidiary Idea Bank Romania at the end of October.

After the transaction is finalised, Banca Transilvania (BT) will be a shareholder with full powers and Idea Bank will become part of the BT Financial Group, the bank said in a statement filed with the Bucharest Stock Exchange, BVB.

The bank said it has received the necessary approvals from the National Bank of Romania and the Competition Council for the acquisition.

In June, Banca Transilvania announced that its board of directors has approved the acquisition of the total interest in Idea Bank Romania held by Getin for 43 million euro ($49.6 million). As a result of the transaction, Banca Transilvania will acquire holdings in the companies which are part of the Idea Bank Group in Romania - Idea Leasing IFN SA and Idea Broker de Asigurare SRL.

Getin said in November that it intends to sell Idea Bank Romania established in 1998 as Romanian International Bank. Towards the end of 2013, Romanian International Bank was sold to Idea Bank, a Polish lender controlled by Getin Holding. Idea Bank offer products and services to both individuals and SMEs through 33 branches and three non-cash units in Romania.

Blue-chip Banca Transilvania is the largest Romanian privately-owned bank. Its shares traded 0.38% higher at 2.64 lei ($0.62/ 0.53 euro) as at 1356 CET on Tuesday on the Bucharest Stock Exchange.

(1 euro=4.9485 lei)