Ömer Tetik, 10 years as BT CEO: "It's just the beginning."

• On May 13 2013 Ӧmer Tetik was officially presented as the new CEO of Banca Transilvania.
• In 2013, at just 40 years old, he became the youngest CEO of a major Romanian bank, with assets amounting to RON 30 billion and a market share of 8% back then.
• Banca Transilvania increased its banking assets fivefold, through multiple acquisitions such as Volksbank Romania and Bancpost, and climbed from third place to first place in the Romania's banking sector.
• Today the Cluj-based bank has about RON 150 billion in group assets and a 20% market share.

On the occasion of celebrating 10 years as the CEO of Banca Transilvania, Ӧmer Tetik, gave an interview to Ziarul Financiar. The e-version of this interview is availablehere.

On May 13 2013 Ӧmer Tetik was officially presented as the new CEO of Banca Transilvania. The bank was coming after a year of interim leadership following the leave of Robert Rekkers, who was CEO from 2002 until January 2012.

Horia Ciorcilă, Chairman of Banca Transilvania, said at the time that after 15 months of searching he had found the most suitable CEO: "We looked for a person who was compatible with the bank's DNA, that of an entrepreneurial bank, and Ӧmer comes from a bank founded by one of Turkey's most powerful entrepreneurs." At the time, Banca Transilvania had an 8% market share, ranking third. Today it has 20%, ranking first.

With Ӧmer Tetik, 50, at the helm since May 13 2013, Banca Transilvania (BVB symbol TLV) has increased its banking assets fivefold, due to acquisitions such as Volksbank, Bancpost, and has climbed from third place to the first position in the Romanian banking system.

"We feel that this is just the beginning," says Ӧmer Tetik, who, in the spring of 2013, at just 40, became the youngest leader of a large Romanian bank, then with assets of 30 billion RON and a market share of 8%. Today the Cluj-based bank has around 150 billion RON in assets at group level and a 20% market share.

On the Bucharest Stock Exchange, where Banca Transilvania is the most traded share, the bank's valuation has increased in ten years from 2.5 billion RON to 13.5 billion RON, i.e. a 5.4-fold increase, the fastest rise for a first league issuer.

By comparison, the main BET index climbed from 5,345 points to around 12,060 points. Therefore the Cluj-based bank outperformed the increase of the main stock market index, as investors appreciated its growth plans through acquisitions and its remuneration mix, both with the granted dividends and the bonus shares.

"It's been an extraordinary but challenging 10 years," says Ӧmer Tetik, who in June 2013 received the approval of the NBR to head the bank in Cluj.

I was fortunate to receive, from day one, the support of the entire organization - starting with Horia Ciorcilă, the bank's CEO, and continuing with my colleagues in the team, which gave me courage and comfort to focus on the business. It is a great responsibility, but also very motivating to know that what we do every day in the office has an impact on millions of Romanians.

Around 24% of Banca Transilvania is controlled by Pillar II private pension funds, through investments of around 3.3 billion RON, on behalf of eight million Romanian employees. As of early 2023 TLV shares are minus 3% on transactions of 540 million RON. By comparison BET is up with 3.4%.

In the spring of 2013, after 15 months of searching, Horia Ciorcila - chairman and one of the bank's founders, said he had found the best CEO by recruiting Ӧmer Tetik from Credit Europe, a credit institution with assets of only 5.1 billion RON, and recruited him to the Cluj-based bank, which had assets of 30 billion RON.

Among the first major acquisitions of Banca Transilvania with Ӧmer Tetik at the helm was that of Volskbank in 2014, absorbed in 2015. By the end of 2015, the Cluj-based bank had reached assets of RON 48bn and a market share of 12.6%. Subsequently, the opportunity arose to acquire Bancpost which allowed a significant jump in assets and climb to the top position.

When I look back on all these years, I have every reason to be proud of my achievements. We have proved, first of all, that a local, Romanian business can succeed with the right strategy and the right people, even in the toughest times. Future plans? The management team, the whole BT team is motivated by the role the bank plays in the economy, as a market leader.

In Q1/2023, the bank from Cluj reported a historical quarterly group profit of 840 million RON, double that of early 2022. In Q1/2013 the bank had a net profit of 675 million RON. On the other hand, also in spring 2023, the bank exited to foreign markets from where it attracted 500 mil. EUR in SNP bonds, an issue meeting the MREL eligibility criteria.

We are determined to contribute to the growth of the bank and its role in the Romanian economy. We feel that this is just the beginning and we look forward to writing the next successful chapters of Banca Transilvania's story.

Ӧmer Tetik was born on 19 April 1973 in Hamburg, Germany, to a family from the Turkish diaspora. He studied in Turkey and graduated with a degree in economics from Middle East Technical University.

He started his career at ATA Securities in Turkey (Izmir) and a year later moved to Istanbul to join the treasury team of Finansbank. In 1997 he moved to Russia for the position of coordinator of the Treasury and Capital Market Department of Finansbank Moscow.

He moved to Romania in 2000, when the same bank appointed him as Vice President. Ten years later, he became vice-chairman and then chairman of Credit Europe Bank, formerly Finansbank. In 2013 he was recruited as CEO of Banca Transilvania.

"The objectives of the new CEO are the bank's objectives," said Horia Ciorcilă, chairman of BT, after the Cluj-based bank had completed a year of interim management following the departure of Dutchman Robert Rekkers, who was CEO from 2002 until January 2012. Ӧmer Tetik had around €5m invested in the bank's shares at the end of 2022.

Ӧmer Tetik, resume

He was born on 19 April 1973 in Hamburg, Germany, to a family from the Turkish diaspora. He studied in Turkey and graduated in economics at the Middle East Technical University. He started his career at ATA Securities in Turkey (Izmir) and a year later moved to Istanbul to join the treasury team of Finansbank. In 1997 he moved to Russia taking the position of Coordinator of the Treasury and Capital Markets Department of Finansbank Moscow. He moved to Romania in 2000, when the same bank appointed him as Vice President. Ten years later he became Vice President and then President of Credit Europe Bank, formerly Finansbank. In 2013 he was recruited as CEO of Banca Transilvania. "The objectives of the new CEO are the objectives of the bank," said Horia Ciorcilă, chairman of BT, after the Cluj-based bank had completed a year of interim management following the leave of Robert Rekkers, who had been CEO from 2002 until January 2012. Ӧmer Tetik had about €5m invested in the bank's shares at the end of 2022.

2013, Financial Newspaper: Tetik's main goal, new CEO of Banca Transilvania: to raise market share to over 10%