BUCHAREST (Romania), January 14 (SeeNews) - Romanian lender Banca Transilvania [BSE:TLV] said on Friday its board of directors approved the acquisition of Tiriac Leasing IFN from Molesey Holdings Ltd and Hyundai Auto Romania.
This transaction does not represent a significant change in the financial position of Banca Transilvania, as the assets to be added represent less than 1% of the assets of the BT group, the lender said in a statement filed with the Bucharest Stock Exchange, BVB.
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Tiriac Leasing will continue to operate as a separate entity until the completion of the acquisition procedures, and only after this date will the integration process within the group commence.
The integration process will take place after all the necessary approvals from the competent authorities are obtained.
Tiriac Leasing was established in 1999 under the name Molesey Leasing Group. Initially established to support the car sales of the Tiriac Group, the company has developed into a self-sufficient business, under a diversification policy, providing financial leases for the entire range of new and used vehicles, from cars to commercial fleets, according to the company's website.
Tiriac Group is controlled by professional tennis player-turned-businessman Ion Tiriac and brings together more than 40 local private companies, operating in the following main sectors: automotive, real estate, financial services, air transportation and energy.
Blue-chip Banca Transilvania is the largest Romanian privately-owned bank. Its shares traded 1.85% higher at 2.75 lei ($0.63/ 0.55 euro) as at 1246 CET on Friday on the Bucharest Stock Exchange.
At the end of October, Banca Transilvania completed the acquisition of Getin Holding's Bucharest-based subsidiary Idea Bank Romania.
(1 euro=4.9432 lei)
Banca Transilvania SA is among the biggest banks in SEE, for more reference take a look at Top 100 banks