Romania’s Banca Transilvania has completed the transaction to acquire 99.15% shares of Bancpost owned by Greece’s Eurobank Group.
As a part of the transaction, Banca Transilvania will also acquire interest in ERB Retail Services IFN and ERB Leasing IFN, the two companies which were part of the Eurobank Group in Romania.
Now, Banca Transilvania along with Eurobank Group will work to integrate these entities within the Financial Group Banca Transilvania.
Banca Transilvania Board of Directors chairman Horia Ciorcilă said: “The Bancpost acquisition represents a very important moment in the story of Banca Transilvania and a strategic step forward in consolidating our position in the market.
“We are initiating an ambitious integration plan into Banca Transilvania Financial Group, based on the synergies between Banca Transilvania and Bancpost.
“We are prepared to adapt ourselves to a new dimension of the bank, while the strong commitment of BT remains the support offered to the Romanian entrepreneurs and economy.”
Banca Transilvania acquired Bancpost for €178.67m representing 75% of its net assets value.
Under the terms of the transaction, Banca Transilvania paid €40.42m (with a price-per-book value of 77%) for the non-banking financial retail subsidiary.
The leasing subsidiary was acquired for €6.79m (with a price-per-book value of 63%).
Furthermore, Banca Transilvania reimbursed the subordinated loan amounting to €80m on behalf of Bancpost.