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Romania's Banca Transilvania seeks to buy back own shares for 60 mln lei (13 mln euro)

Romania's Banca Transilvania seeks to buy back own shares for 60 mln lei (13 mln euro) Banca Transilvania

BUCHAREST (Romania), September 20 (SeeNews) – Romania's Banca Transilvania (BT) [BSE:TLV] said it is seeking to buy back 15 million of its own shares for up to 60 million lei ($14 million/13 million euro) as part of plans approved by its shareholders for the repurchase of a total of 35 million shares.

Banca Transilvania will offer to pay a minimum price equal to the market price on the Bucharest bourse at the moment of the purchase and 4 lei at most, the bank said in a statement filed with the Bucharest Stock Exchange, BVB, on Thursday.

The redemption period is September 19 - December 31, 2019.

The bank's capital is divided into 5,215,917,925 shares with a par value of 1 leu each, according bourse data.

Banca Transilvania's net profit rose by 28% year-on-year in the first half of 2019, reaching 848 million lei.

At group level, Banca Transilvania, which also comprises BT Asset Management, BT Direct, BT Securities, Factoring company and Medicredit, posted a net profit of 942.3 million lei in the first half of 2019, up 9% on the year. Group assets totalled 81.56 billion lei at the end of June.

Blue-chip Banca Transilvania was Romania's largest bank by assets at the end of 2018 with a market share of 16.48%, up from 13.87% a year earlier, the country's central bank said last month.

Its shares traded 0.21% higher at 2.3950 lei on the Bucharest Stock Exchange as at 10.00 CET on Friday.

(1 euro=4.7415 lei)