Romania’s Banca Transilvania to acquire 39% of Moldova’s Victoriabank

Romania’s Banca Transilvania [BSE: TLV] intends to acquire an initial stake of over 39% in Victoriabank, Moldova’s third-largest bank, the European Bank for Reconstruction and Development (EBRD) said on Tuesday.

This will be the first time a foreign bank investor has entered the Moldovan market since 2007, according to SeeNews.com.

Banca Transilvania has requested approval of the acquisition from the banking regulators and other relevant authorities of Romania and Moldova, the EBRD, which owns a minority stake in the bank, said in a press release.

The EBRD increased its stake to 27.5% last year in a move to restore effective corporate governance and attract a strong strategic investor to Victoriabank.

As a result of the planned investment, Banca Transilvania and the EBRD will jointly hold a controlling stake in Victoriabank. In line with the law they will then offer to buy the remaining shares.

Banca Transilvania is the second-largest bank by total assets in Romania with the EBRD as a shareholder since 2001. Its shares were 0.47% higher at 2.13 lei on Wednesday at 1002 CET, on the Bucharest Stock Exchange, BVB.

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