May 7 (SeeNews) - Romania’s Banca Transilvania Group (BT Group) [BSE:TLV] said on it Monday that it has signed an agreement with local company Autonom to sell 100% of its operational leasing business for an undisclosed sum.
The sale of BT Operational Leasing (BTOL) is pending approval from Romania's competition authority, BT Group said in a press release.
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Following the deal, BT Group will exit a field that has always been a secondary niche for its business, while Autonom will reach 500 employees, around 5,000 corporate clients and a fleet of over 8,000 vehicles.
"We are glad that we managed to grow our business in the difficult niche of operational leasing. BT Operational Leasing has become one of the main players in the local leasing and operational fleet management market. We are convinced that business will grow even better due to Autonom's competencies," Banca Transilvania general manager, Omer Tetik, said
Banca Transilvania, which is the core asset of the group, and Autonom will sign a partnership agreement through which the bank's customers will have access to an extended package of mobility services, including operational leasing, fleet management, roadside assistance, car rental and car rental with driver.
"This transaction shows that a sustainable local business can be built," Autonom managing partner Dan Stefan said.
Autonom was established in 2006 and is active on the car rental market operating 45 agencies in 35 cities in Romania, Hungary and Serbia. The turnover of the Autonom Group was 27 million euro ($32.3 million) in 2017.
BT Operational Leasing was founded in 2001 and became part of the BT Group in 2006, after BT Investments acquired 51% of the company's share capital. In 2012 and 2013, BT Group increased its participation to BT Operational Leasing to 95%. The company has seen a sevenfold increase in the fleet over the past six years, reaching over 3,000 managed cars and a turnover in excess of 15 million euro.
Banca Transilvania's shares traded flat at 2.5950 lei as at 1118 CET on Monday on the Bucharest Stock Exchange.
($=0.8361 euro)
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