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01.09.2005

HVB Bank Romania and Banca Tiriac join forces

  • New bank will be Romania’s fourth-largest with 7.5 per cent market share
  • Management changes in preparation for the merger

Bank Austria Creditanstalt (BA-CA) and Banca Tiriac have finalised the transaction which shall result in a merger of HVB Bank Romania and Banca Tiriac. BA-CA and two entities ultimately controlled by Mr. Ion Tiriac had signed an agreement in June, which entered into effect today. Thereby BA-CA acquired 50% plus one share in Banca Tiriac, while the entities controlled by Mr. Ion Tiriac in turn acquired 50% less one share in HVB Bank Romania. This was achieved through a sale and an exchange of shares. Following the merger of the two banks, BA-CA shall continue to hold the majority at 50% plus one share in the new bank and will have responsibility for managing the business. The other main shareholders in the new bank will be the entities controlled by Mr. Ion Tiriac. Additionally, the minority shareholders of Banca Tiriac will automatically become shareholders in the new bank.

The preparations for the merger of HVB Bank Romania and Banca Tiriac start today. During the integration process, both banks will operate in parallel. The merger is planned to be completed in the first half of next year and is subject to approval by all relevant authorities. It will create the fourth largest Romanian bank with total assets of EUR 2.1 billion, 7.5 per cent market share and 720,000 customers.