Banca Transilvania (BT) has bought ERB Leasing, a fully-owned Romanian subsidiary of Greece’s Eurobank.
ERB Leasing provides asset finance products for real estate, equipment and vehicles.
The deal also involved BT’s acquisition of two more businesses of Eurobank’s in Romania: Bancpost and ERB Retail Services.
The businesses will continue to operate independently until the acquisition is approved by regulators. They will subsequently start working on a roadmap for integration.
Stavros Ioannou, deputy chief executive officer of Eurobank, added: “With the divestment of Bancpost and its affiliates, Eurobank fulfils the last outstanding divestment obligation under its restructuring plan as approved by the European Commission with a capital-accretive transaction. I believe that this transaction with a reputable partner such as Banca Transilvania is in the best interest of Bancpost clients, depositors and employees.
“Going forward Eurobank will concentrate and further develop its key markets. I would like to thank all our colleagues in our Romanian subsidiaries for the close and fruitful cooperation all these years as well as the fellows of BT for this successful outcome”.
Horia Ciorcila, chairman of BT’s board of directors, said: “The acquisition … represents a value-accretive opportunity for Banca Transilvania that will be maximized through the integration of the two banks. The acquisition will complement BT’s organic growth strategy so that we may further strengthen and consolidate our market position.
“We thank the representatives of Eurobank for their support, professionalism and cooperation in the context of the negotiation of this transaction which is of strategic importance for both parties”.