Romania’s competition authority said that it has approved the acquisition of OTP Bank Romania, part of Hungarian financial services group OTP, and several other subsidiaries, by local lender Banca Transilvania.The Competition Council found no significant concerns regarding the effect of the transaction on competition within the Romanian market, it said in a statement, according to See News.
Banca Transilvania said in February that it concluded a deal to acquire 100% of the shares of OTP Bank Romania for 347.5 million euro ($379.2 million).
Banca Transilvania‘s net profit jumped by an annual 35% the first three months of 2024, reaching 913.2 million lei ($200.5 million/183.7 million euro)
The after-tax profit of OTP Bank Romania plummeted by 89% year-on-year in the first three months of 2024, to 143 million forints, its Hungarian parent has said.
In Southeast Europe, OTP is also present in Bulgaria, Serbia, Albania, Slovenia, Montenegro and Moldova.
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