Banca Transilvania, the second biggest lender by assets in Romania, is planning to purchase up to 10 million of its own shares as part of a buyback program that was approved by shareholders last April.
The shares will be purchased on the secondary market at a price of up to RON 3.5000 per share. The acquisition could amount to RON 27 million, considering that BT shares closed at RON 2.7000 on Tuesday evening.
Last year, BT shareholders gave the green light for a buyback program that would include up to 25 million shares.
In 2016, the bank recorded a profit of over RON 1.2 billion, almost half compared to the result recorded in the previous year, when BT had taken over Volksbank.
The current buyback program runs between February 22-March 27.