Romania-based retail bank Banca Transilvania has secured the approval of its shareholders for its merger with OTP Bank Romania, with the integration process set to conclude on 28 February 2025, according to Retail Banker International.
This deal was cleared by Banca Transilvania’s shareholders at the Extraordinary General Meeting.
The integration began in August this year and following its completion, OTP Bank Romania’s customers will be fully transitioned to Banca Transilvania.
Until this process is complete, both banks will retain their operational independence.
Banca Transilvania signed a deal in February 2024 to acquire OTP Bank Romania along with its Romanian subsidiaries from OTP Group for €347.5m.
The additional subsidiaries involved in the acquisition include OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania, and OTP Bank Foundation Romania.
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