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

Romania's Banca Transilvania buying Idea Bank Romania for 43 mln euro

Romania's Banca Transilvania buying Idea Bank Romania for 43 mln euro Banca Transilvania

BUCHAREST (Romania), June 3 (SeeNews) – Romania's Banca Transilvania [BSE:TLV] said that its board of directors has approved the acquisition of the total holding owned by Polish financial holding company Getin n the capital of Idea Bank Romania for 43 million euro ($52.4 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, the bank said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.

Banca Transilvania as well as the companies in the scope of the transaction will operate as separate entities until the finalization of the acquisition, only after which will the integration in Banca Transilvania Financial Group commence.

The integration will take place only after the completion of the proper and necessary legal procedures and after the request and receipt of any and all necessary approvals from the legal authorities involved, according to the statement.

Polish financial holding company Getin said in November that it intends to sell its Bucharest-based subsidiary Idea Bank Romania.

Idea Bank Romania was 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 3 non-cash units in Romania.

Blue-chip Banca Transilvania is the largest Romanian privately-owned bank. Its shares traded 0.72% higher at 2.79 lei on the BVB as at 0915CET on Thursday.

($=0.8212 euro)