Bank Austria Creditanstalt and Ion Tiriac have reached a pre-agreement to merge HVB Bank Romania with Banca Tiriac to create "HVB Tiriac"
BA-CA’s Romanian subsidiary HVB Bank Romania will join forces with Banca Tiriac. The newly created bank will be Romania’s fourth-largest bank with 72 offices and nearly 720,000 customers. BA-CA’s market share in Romania will increase to 7.5 per cent.
Strong complementary fit of business profile: both banks operate profitably and will be even stronger as a merged unit. A further objective is to develop the existing market share swiftly beyond 10 per cent in Romania.
The merger is expected to take place before the end of this year and is subject to approval by all relevant authorities.
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