Merger agreement between Bank Austria Creditanstalt and Tiriac signed
- BA-CA’s subsidiary HVB Bank Romania and Banca Tiriac join forces
- New bank will be Romania’s fourth-largest with 7.5 per cent market share
Bank Austria Creditanstalt (BA-CA) and Ion Tiriac have signed an agreement to merge HVB Bank Romania with Banca Tiriac in Bucharest today. With 50.1%, BA-CA will hold the majority in the new bank and will have responsibility for managing the business. The other main shareholder will be Ion Tiriac. The minority shareholders in Banca Tiriac, which currently hold 10.11 percent of Banca Tiriac, will be invited to join the new bank.
"Romania is a strategic core market for Bank Austria Creditanstalt. With this merger, we significantly strengthen our position and jump onto the fourth place on the Romanian banking market. This will give us a solid basis for our further growth", says Erich Hampel, Chief Executive Officer of BA-CA. "I am very satisfied that we finalised our agreement. This signing is a cornerstone for the future of Banca Tiriac. My team and I, we have built up an excellent bank with a good position on the retail market. Now, through joining forces with HVB Bank, we’ll reach another dimension. Both banks will benefit from this merger: They fit together perfectly. And we’ll continue to grow", says Ion Tiriac.
IR Release download (99 KB)