Banca Transilvania to complete takeover of Bancpost in early April

Banca Transilvania will begin the procedures for finalising the transaction with Eurobank Group in order to acquire Bancpost shares, according to a statement published on the Bucharest Stock Exchange website.

According to the document, Banca Transilvania has the necessary approvals from the National Bank of Romania and the Competition Council in order to acquire the majority of shares (99.15 percent) owned by Eurobank Group in social capital of Bancpost, as well as participants in the social capital of societies in the Eurobank Group in Romania, namely ERB Retail Services IFN and ERB Leasing IFN.

BT estimates that the Bancpost acquisition transaction will be finalised in the first half of April 2018. After it is completed, BT will become a shareholder with full rights and will also begin the integration of Bancpost in the BT structure.

According to the agreement signed with competition authorities in the EU, by 2018 Eurobank had to sell assets outside Greece worth EUR 8.7 billion. Eurobank announced that the potential sale will include its Romania subsidiaries: Bancpost, ERB Retail Services IFN and ERB Leasing IFN.

Bancpost, with assets worth EUR 3.1 billion and 2,255 employees, has a network of 148 branches in Romania, meaning that the country is one of the largest markets for Eurobank outside Greece.

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Banca Transilvania is the second largest bank in Romania and the nucleus of the BT Financial Group. Its activity is organised on three main business lines: Corporate, SME and Retail. The bank has 2.2 million clients, over 7,000 employees and more than 500 branches.