UniCredit Bank Austria buys all shares held by Tiriac Holdings Ltd. in UniCredit Tiriac Bank
- UniCredit Bank Austria AG acquires the 45 per cent interest in UniCredit Tiriac Bank S.A. held by Tiriac Holdings Ltd., increasing its equity stake from 50.6 per cent to 95.6 per cent
Tiriac Holdings Ltd. is selling its 45 per cent shareholding interest in UniCredit Tiriac Bank S.A. to UniCredit Bank Austria AG. As a result, UniCredit Bank Austria AG's equity stake in UniCredit Tiriac Bank S.A. increases from 50.6 per cent to 95.6 per cent. The closing of the transaction is expected to take place before the end of June. The parties to the agreement have concluded not to disclose the selling price or any other transaction details. UniCredit Bank Austria AG is considering making an offer to the remaining minority shareholders to purchase their shares.
Carlo Vivaldi, Deputy Chairman of the Management Board and Head of the CEE Division of UniCredit Bank Austria AG: "I would like to thank Ion Tiriac and Tiriac Holdings representatives for the excellent cooperation and their commitment in the past years. Following our acquisition of the Royal Bank of Scotland's retail and corporate customer portfolios in Romania, we are now further strengthening and expanding our market position in Romania through this transaction."
Romania is an attractive growth market, with GDP expected to increase by 2.7 per cent in 2015. As an export-oriented EU country in CEE, Romania should be able to fully benefit from its competitive advantages and close economic links with Germany while the ECB's policy of quantitative easing should stimulate capital inflows and keep funding costs low.
UniCredit Tiriac Bank S.A., a Romanian bank headquartered in Bucharest, is a member of UniCredit's CEE network. Around 3,350 employees are serving retail and corporate customers in over 180 branches in Romania.
Enquiries: UniCredit Bank Austria Media Relations
Martin Halama, tel. +43 (0) 50505 52371