Banca Transilvania (TLV), the biggest financial group in Romania by assets, will further consolidate its position by acquiring Polish group Getin Holding’s local operations. The Romanian group will pay EUR 43 mln for Getin’s stakes in Idea::Bank, Idea::Leasing and Idea::Insurance Broker, according to Romania-Insider.com.
The two groups signed the sale and purchase agreement on Wednesday, June 2. However, the IDEA entities will carry out their activity independently until the local regulatory authorities greenlight the transaction.
“We see the acquisition of Idea::Bank as a new opportunity for Banca Transilvania and for the customers. If the prior acquisitions were aimed at strengthening the group’s business, this acquisition is part of our strategy to continue launching online banking initiatives,” said Horia Ciorcilă, Chairman of Banca Transilvania Board of Directors.
The Romanian companies that are under the IDEA brand managed RON 2.85 billion (EUR 580 mln) in total assets from over 60,000 customers, with 530 employees and 46 units, at the end of last year.
Getin Holding is active in retail banking, leasing, brokerage services, factoring and consulting in Poland, Ukraine and Romania – and is listed on the Warsaw Stock Exchange.
Barclays Bank Ireland, Filip & Company, EY and Linklaters were Banca Transilvania’s consultants in this transaction. Rothshild & Co., Sayenko Kharenko and Nestor Nestor Diculescu Kingston Petersen advised Getin Holding.
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