BUSINESS COMPANIES ECONOMY

Banca Transilvania reaches agreement with Eurobank Ergasias to take over Bancpost

Banca Transilvania (BT) will buy from Eurobank Group the shares it holds in Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A., with the two banks having reached an agreement in this respect, according to a BT release issued for AGERPRES on Friday.

“The takeover of Bancpost is an opportunity for BT due to the integration potential with our business. This acquisition completes BT’s organic growth strategy, consolidating our position on the market. We are ready to adapt responsibly to the new BT dimension and new realities. Our bank will continue to support Romanian entrepreneurs and the local economy, creating added value for shareholders, customers and team. We thank Eurobank representatives for support, professionalism and collaboration in the context of negotiating this transaction of strategic importance for both parties,” said Horia Ciorcila, Chairman of Banca Transilvania’s Board.

Banca Transilvania and Bancpost will continue to carry out their independent activities until receiving the Central Bank and the Competition Council’s approvals, estimated for the coming months. Once the takeover completed, BT will integrate Bancpost into its business with the support of both banks’ teams.

With over 13% market share and total assets of 54.9 billion lei (11.9 billion euros), Banca Transilvania is the second-largest bank in Romania. BT has over 7,000 employees, 2.2 million customers, is the market leader in terms of bank cards and has approximately 500 agencies.

Bancpost ranks 9th among the banks in Romania, with almost 3% market share and assets of 11.6 billion lei (2.5 billion euros). Its team has over 2,000 employees, and the network has some 150 agencies. Over one million customers bank with Bancpost.

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