Romanian lender Banca Transilvania Wednesday said it approved the acquisition of Volksbank Romania, the local unit of Österreichische Volksbank en AG. The acquisition contract will be signed on Wednesday, December 10, and includes 100 percent of Volksbank Romania’s capital. Banca Transilvania and Volksbank will function as separate entities until the transaction is finalized, after which the Austrian bank’s local unit will be integrated into BT’s operations. “Integrating Volksbank in BT will take place after all the legal procedures will be completed and after requesting and being granted all the necessary authorizations on behalf of Romanian authorities”, according to the official announcement. BT’s managing board signed off on the deal on Tuesday. Neither side disclosed financial details of the acquisition although Banca Transilvania described the price as “reasonable” for both sides. Rothschild & Cie and the Schoenherr law firm advised the sellers, Volksbank said, quotes Reuters.
Posted on: Sun, 14 Dec 2014 02:05:50 +0000