Bank of Cyprus has bought 9.7 percent of the shares in local lender Banca Transilvania for some EUR 58 million, according to a recent notification sent to the Bucharest Stock Exchange (BVB), where Banca Transilvania is traded (symbol TLV). Bank of Cyprus has become the second largest shareholder in Banca Transilvania, after the European Bank for Reconstruction and Development (EBRD), which owns 14.55 percent of the shares. Individual investor Horia Ciorcila also owns 5 percent of the shares.
The Cyprus-based lender has bought the share package through several BSE transactions. In order to take over more than 10 percent in Banca Transilvania, Bank of Cyprus would require the approval from the Romanian Central Bank (BNR) and from the other shareholders.
Bank of Cyprus is doing business in Romania though lender Bank of Cyprus and through Cyprus Leasing.