Banca Transilvania finishes acquisition of Idea Bank

Banca Transilvania (BT) has concluded the transaction for acquiring the entire share package (100%), held by the Polish group Getin Holding Group in the social capital of Idea Bank, according to a report sent by BT to the Bucharest Stock Exchange, agerpres reports.

Within the transaction, BT also received 100% of the capital from the companies within the Idea Bank Group in Romania, namely Idea Leasing IFN and Idea Broker de Asigurare.

"We are happy to bring in the Banca Transilvania ecosystem, along with the BT capabilities, a new entity, that has technology in its DNA. We are confident that through what we proposed, we are paving the road for the Romanian banking market, for clients that are more oriented towards online banking. We thank all those who contributed to the success of this acquisition - authorities, consultants, lawyers and the dedicated BT team. Furthermore, we would like to thank the Getin Holding Group for their trust and collaboration," Horia Ciorcila, chairman of the Administration Board of Banca Transilvania, said.

BT announced the acquisition contract in June 2021, and recently received the necessary approvals for finishing the transaction from the National Bank of Romania and the Competition Council.

"The current Idea Bank will become a hub for digital banking, going beyond the sphere of traditional banks. All three entities currently known for the Idea brand will have new corporate identities. The positive impact in the economy and society from the Idea Bank acquisition is the contribution to consolidating the banking industry and repositioning the bank as a digital platform, with an ESG agenda for all levels," the report mentions.

Idea Bank is the third bank acquired by Banca Transilvania, after Bancpost (2018) and Volksbank Romania (2015).

Banca Transilvania is the largest bank in Romania and the main financier of the economy. With a story that began almost 30 years ago, it has almost 18% market quota, 3.4 million clients, 3 business lines, over 9,000 employees, online banking solutions and 500 branches in 180 cities. It is the only Romanian banking brand from Brand Finance Banking 500 (2021).