The transaction by which Banca Transilvania buys the Romanian entities of the Hungarian OTP group, namely OTP Bank, OTP Leasing and OTP Asset Management, has reached the analysis of the Competition Council.
“According to the provisions of the Competition Law, this transaction must be authorized by the Competition Council, which will evaluate it in order to establish its compatibility with a normal competitive environment and will issue a decision within the terms provided by the law”, say the representatives of the institution.
The Board of Directors of Banca Transilvania approved on February 8, 2024 the completion of the transaction for the acquisition of 100% of the shares of OTP Bank Romania, as well as other companies in the OTP Romania Group (including OTP Asset Management SAI and OTP Leasing Romania IFN) for 347.5 million euros, which means a multiple of 0.75 compared to OTP assets.
Following this agreement, OTP Bank leaves Romania after 20 years, during which it gained ground, both through acquisitions and through organic growth, climbing into the top 10 of the largest banks on the local market.
OTP Bank is the fourth bank acquired by Banca Transilvania – the leader of the local banking market, with a market share of over 20% -, after Idea Bank (2022), Bancpost (2018) and Volksbank (2015).
In addition to approval from the Competition Council, the transaction also needs the approval of the BNR.
