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Banca Transilvania and Eurobank Ergasias, agreement for the acquisition of Bancpost, ERB Retail Services and ERB Leasing

24 November 2017 Reading time 3:00 minutes

Banca Transilvania will acquire from Eurobank Group the shares it owns in Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A. , the two banks reaching an agreement in this regard.

 

Horia Ciorcila, President of the Board of Directors of Transilvania Bank, declares: "The acquisition of Bancpost is an opportunity for BT due to the potential for integration with our business. This acquisition completes Banca Transilvania's organic growth strategy, consolidating our position on the market. We are ready to adapt responsibly to the new BT dimension and new realities. Our bank will continue to support Romanian entrepreneurs and the local economy, creating added value for shareholders, customers and the team. We thank the Eurobank representatives for their support, professionalism and collaboration in the context of negotiating this transaction of strategic importance for both parties."

 

Stavros Ioannou, Deputy General Manager, Eurobank, said: "With the sale of Bancpost and its affiliated companies, Eurobank fulfills its last obligation to sell according to the restructuring plan approved by the European Commission. I believe that this transaction with a partner of undeniable reputation such as Banca Transilvania is carried out in the full interest of Bancpost's customers, depositors and employees. Eurobank will focus on developing its key markets. I would like to thank all my colleagues from the Romanian subsidiaries for the close collaboration during all these years, as well as the partners from BT for the successful completion of this endeavor."

 

Banca Transilvania and Bancpost will continue to carry out their activity independently, until receiving the approvals of the NBR and the Competition Council, estimated in the coming months. Once the acquisition is completed, BT will integrate Bancpost into its business, with the support of the teams of both banks.

 

Barclays Bank PLC was the sole financial advisor of Transilvania Bank for this transaction. PeliFilip has provided legal advice and Deloitte has provided financial advice on accounting and due diligence matters. Mediobanca - Banca di Credito Finanziario S.p.A. and HSBC Bank Plc were eurobank's financial advisors for the transaction, and Shearman & Sterling LLP and Schoenherr and Associates SCA provided legal advice.

 

With over 13% market share and total assets of RON 54.9 billion (EUR 11.9 billion), Banca Transilvania is the second bank in Romania. BT has over 7,00 employees, 2.2 million customers, market leader in the field of cards and approximately 500 offices. The story of the bank started almost 24 years ago, in Cluj-Napoca, with a team of 13 people. It is the first bank in Romania listed on the Bucharest Stock Exchange and one of the strongest Romanian brands.

 

Bancpost is on the 9th place in the top of banks in Romania, with almost 3% of the market and assets of 11.6 billion lei (2.5 billion euros). His team includes over 2,000 employees, and the network, about 150 offices. Over 1 million customers work with Bancpost.

 

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