March 16 (SeeNews) - Romanian lender Banca Transilvania [BSE:TLV] said on Friday it received regulatory approval from the country's anti-trust body and the central bank to buy Greece's Eurobank Romanian units.
"Moving forward, we will begin the other legal procedures required to finalize the transaction with Eurobank Group," Banca Transilvania said in a statement filed with the Bucharest Stock Exchange, BVB.
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Banca Transilvania expects that the closing of the transaction will take place in the first half of April 2018.
After the transaction is finalised, Banca Transilvania will become a Bancpost shareholder with full powers and the integration of Bancpost in the Banca Transilvania’s structure will commence, the bank added.
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.
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 fell by 3.46% year-on-year in 2017, to 1.186 billion lei ($315 million/255 million euro).
In February, it launched a mandatory public tender offer for the minority stake it does not already own in Victoriabank, Moldova’s third-largest lender. In January, Banca Transilvania became a shareholder of Victoriabank.
Banca Transilvania's shares traded 1.34% higher at 2.64 lei at 1052 CET on Friday on the BVB.
(1 euro=4.6620 lei)
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