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Banca Transilvania signs contract to acquire OTP Bank Romania

Banca Transilvania signed on Friday a contract for the acquisition of 100% of OTP Bank Romania's shares, as well as other OTP Romania Group companies, including OTP Asset Management SAI and OTP Leasing Romania IFN, in a transaction worth EUR 347.5 million.

According to a BT report submitted to the Bucharest Stock Exchange a day ago, BT's Board of Directors approved the completion of the transaction.

"We would like to point out that both Banca Transilvania and OTP Bank Romania SA will act as separate entities until the completion of the transaction. Following signing and in order to integrate the above-mentioned entities in the BT Financial Group, we will initiate and implement the legal procedures necessary for obtaining all necessary approvals from the relevant authorities," the report says.

Banca Transilvania is the largest bank in Romania and South-Eastern Europe. As a universal bank, it covers all customer segments and business lines in the financial sector. It has 20% market share in terms of net loans, more than 4 million customers, around 10,000 employees, leading-edge online banking solutions, and a strong branch network countrywide.

OTP Bank Romania is a subsidiary of OTP Group, a universal bank with a very good presence in Central and Eastern Europe, active both in the retail and corporate segment.

In Romania, OTP Group members are OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors and OTP Bank Romania Foundation.

With more than 41,000 employees today in 12 CEE and Central Asia countries, the group provides universal financial services to more than 17.5 million customers. OTP Group is headquartered in Hungary. The banking group has been floated on the Budapest Stock Exchange since 1995.