Banca Transilvania, Romania’s third largest bank by assets, signed an agreement to take over Volksbank Romania. The value of the deal, which must still be approved by the central bank, was not disclosed. BT and Volksbank will still operate as separate entities until the merger closes. Volksbank Romania was previously controlled by Österreichische Volksbanken AG, Groupe BPCE, DZ BANK AG and WGZ BANK AG.
“The acquisition of Volksbank Romania is part of our bank’s growth and consolidation strategy, reaffirming our commitment as an active market player and supporter of the Romanian economy,” Horia Ciorcilă, chairman of the board of directors of Banca Transilvania, told local media outlets. “After the integration, considering the market shares of the two banks, BT aims to become the 2nd largest bank in Romania. Banca Transilvania is well capitalized, enjoys high liquidity, an increasing market share and positive financial results.”
