Merger of HVB Bank Romania and Banca Tiriac finalised
The merger between HVB Bank Romania and Banca Ţiriac, the Romanian subsidiaries of Bank Austria Creditanstalt, has been successfully finalized on 1 September 2006. The resulting new bank operates under the name HVB Ţiriac Bank and ranks fourth on the Romanian banking market. With a market share of approximately 6.5% and total assets of € 2.58 billion HVB Ţiriac Bank combines the strengths and the best practice of the two financial institutions. "Merger projects offer the possibility to select the best out of each entity - HVB Bank and Banca Ţiriac have been in many respects the perfect match between two complementary banks", stated Dan Pascariu, President of HVB Ţiriac Bank. The approximately 600,000 clients of HVB Ţiriac Bank will benefit from being part of the most important financial institution in Central and Eastern Europe, UniCredit Group, implying important advantages, such as highly competitive products and services at international standards.
The merger between HVB Bank Romania and Banca Ţiriac represents a first step in the integration process of the subsidiaries of UniCredit Group in Romania. Bank Austria Creditanstalt, the CEE subholding of UniCredit Group, will be the main shareholder in the new bank and will coordinate the operations of the Group in Central and Eastern Europe, including Romania. As next step, the integration process between HVB Ţiriac Bank and UniCredit Romania is planned.
HVB Ţiriac Bank and UniCredit Romania are a part of the CEE network of UniCredit Group, the largest banking group in Central and Eastern Europe. With a market capitalization of approximately € 65 billion, ranking among the top financial groups in Europe, UniCredit has a core presence in 20 countries worldwide, with over 28 million clients and 7,000 branches, 134,000 employees and total assets of approximately € 804 billion as of 30 June 2006.
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