Banca Transilvania completes Bancpost acquisition

Banca Transilvania paid the sum to Greek group Eurobank for the stakes in Bancpost, to consumer loan provider ERB Retail Services and to ERB Leasing. The prices paid for these companies represented between 63% and 77% of their net asset value. In addition, the Romanian bank reimbursed a subordinated loan amounting to EUR 80 million on behalf of Bancpost.

For the acquisition, the sole financial advisor was Barclays Bank PLC, legal advisory was ensured by PeliFilip, while the financial and tax due-diligence was carried out by Deloitte.

The Romanian bank has a market share of over 13%, over 2.2 million customers, around 7,000 employees and nearly 500 branches. Bancpost has nearly 3% market share, over 1 million clients and 147 units.