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20.05.2005

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
  • Market share in Romania will increase to 7.5 per cent
  • Strong complementary fit of business profile

Bank Austria Creditanstalt (BA-CA) intends to merge its Romanian subsidiary HVB Bank Romania with Banca Tiriac, Romania’s eleventh-largest bank headquartered in Bucharest.
BA-CA and Ion Tiriac have reached a pre-agreement in this regard. “Romania is the strategic focus of our bank. We thus keep our promise of strengthening our presence in this country at an early stage of its convergence with Europe. This gives us a significant lead over our direct competitors“, says Erich Hampel, Chief Executive Officer of BA-CA. Both banks, HVB Bank Romania and Banca Tiriac, are well managed. They 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 will create a new bank under the name “HVB Tiriac”. “We are proud of including the name Tiriac in our logo. The name Tiriac is associated with success and dynamic growth, not only in Romania but also in the rest of the world“, says BA-CA CEO Erich Hampel. Bank Austria Creditanstalt will hold over 50 per cent of the shares in HVB Tiriac and will have full responsibility for controlling the business of HVB Tiriac.

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