Banca Transilvania confirms negotiations for Bancpost takeover

Banca Transilvania has announced that negotiations for the takeover of Bancpost continue, according to a statement submitted to the Bucharest Stock Exchange (BVB).

“Further details regarding the transaction will be communicated after finalizing the necessary stages and receipt of the approvals. Finalization of negotiation is estimated for the end of October of the current year,” said BT.

Greek Eurobank, the owner of Bancpost, is selling its Romanian subsidiary as part of a deal struck with Greece with international lender. The financial group had assets of EUR 65.7 billion as of March 2017.

Eurobank, which also owns a leasing and real estate division locally, recorded a profit of EUR 4.7 million in Romania in the first semester of 2017.

According to business daily Ziarul Financiar, the American investment fund Varde is also interested in Bancpost.

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Banca Transilvania recorded a net profit of RON 496 million in the first six months, higher by 8 percent compared with the same period of 2016.

BT’s share price was up 2.2 percent to RON 2.3000 on Friday afternoon trading on the BVB.