OTP Bank Romania Sold to Banca Transilvania

The OTP Group closed the sale of OTP Bank Romania and other Romanian subsidiaries with the buyer Banca Transilvania (BT).

The transaction was approved by the Romanian Competition Authority and the Romanian National Bank. The purchase of OTP Asset Management by Banca Transilvania is in the final approval process.

In February of this year, the OTP Group and Banca Transilvania announced the signing of the agreement related to the transaction. Other subsidiaries bought by BT are OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania and OTP Bank Foundation Romania. Following the conclusion of the transaction between OTP Group and Banca Transilvania, BT will begin the integration of OTP Bank Romania and its Romanian subsidiaries. The closing of the sale of OTP Asset Management will take place at a later date after the issuance of the relevant official license, followed by its integration into the Banca Transilvania Group at a later date as well.

Sándor Csányi, the President and CEO of OTP Bank, said: the primary strategic goal of the OTP Group is to increase its market share in the Eastern-Central European region and more recently in Central Asia through organic growth and acquisitions. This strategy was also followed in Romania for the past twenty years, but they failed to achieve the optimal market share, so the management decided to sell this subsidiary bank. This move allows the group to focus on markets where it can build a strong presence in the future.

Horia Ciorcilă, Chairman of the Board of Directors of Banca Transilvania, said that successive integrations contributed to building unique capabilities and becoming the leader of the Romanian market. The group's strategy is to achieve a leading position in every business segment in which it operates. The step taken further helps this.

During the transition period between the closing and the integration of the two entities, the two banks will operate as separate entities. This period does not bring immediate changes for customers, so they can still contact the staff of OTP Bank Romania and its subsidiaries regarding all services, products, advice and operations. Customers are constantly informed about the progress of the integration. Banca Transilvania maintains its commitments to the OTP Group Bethlen Gábor Alapkesölé regarding the Hungarian program in the Motherland and will serve all its customers under the same conditions as before, including bilingual service in those areas where it is necessary.