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March 31, 2023

Banca Transilvania CEO resigns

Robert Rekkers resigned from the position of CEO of Banca Transilvania (BT) and also from the Board of the bank, and was temporarily replaced by Peter Franklin, appointed to the Board by the European Bank for Reconstruction and Development (EBRD), an institution that controls 14.6 pc of BT shares, reads a press release. Franklin will take over the new position on February 1st. He joined BT in August 2010, as EBRD representative in the Board of the bank, and is also a member of the Auditing Committee, and Remuneration Committee of BT. Franklin has an experience of 37 years in the banking system. Robert Rekkers has acted as CEO of BT for over 9 years, since 2002, and is among the longest-lasting managers in the banking industry. His initial, 4-year contract of collaboration with the bank has been renewed thrice by the Board of Administrators. The Bucharest Stock Exchange soared by 0.37 pc on Friday opening, in a market where Banca Transilvania (TLV) shares were on the decline for the last two days, when they lost 0.66 pc. Brokers quoted by Mediafax believe the resignation of the bank’s CEO will only marginally influence the price of TLV shares. As arguments for this theory, brokers invoke the small volume of transactions with this issuer, the slight oscillation of its quotations and the minor declines registered during the previous two days. During Wednesday and Thursday sessions, the shares issued by Banca Transilvania dropped by 2 pc.

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