Banca Transilvania announces intent to acquire Volksbank Romania

Banca Transilvania, Romania’s third larges lender, announced on Wednesday that it is currently in negotiations to acquire the majority share package for Volksbank Romania from Volksbank, DZ Bank/AG, WGZ Bank AF in Germany and BPCE in France, writes Mediafax.

Earlier in the day, Bloomberg published the news regarding BT’s intentions in advance, quoting people near to the situation.

“Banca Transilvania would like to inform investors on the fact that negotiations are currently underway in regards to a possible acquisition of Volksbank Romania’s majority stake by Banca Transilvania. We mention that discussions are in development and no binding document has been signed as of yet regarding this subject”, according to a press release sent by the credit institution Wednesday.

BT representatives are confident about future acquisitions, whether in the banking or stock exchange fields, which will provide added value to Banca Transilvania.

Bloomberg mentioned that the parent company of Volksbank Romania is looking to sell in order to lower its deficit but discussions are still in the early stages and may not even formalize.

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Banca Transilvania reported in August a first-half net profit of RON 212 million (EUR 48 million), up 17.7 percent on the year, fueled by a rise of the net interest margin.