Top Romanian lender Banca Transilvania takes over Polish Getin Holding’s local operations
Banca Transilvania (TLV), the biggest financial group in Romania by assets, will further consolidate its position by acquiring Polish group Getin Holding’s local operations. The Romanian group will pay EUR 43 mln for Getin’s stakes in Idea::Bank, Idea::Leasing and Idea::Insurance Broker.
The two groups signed the sale and purchase agreement on Wednesday, June 2. However, the IDEA entities will carry out their activity independently until the local regulatory authorities greenlight the transaction.
“We see the acquisition of Idea::Bank as a new opportunity for Banca Transilvania and for the customers. If the prior acquisitions were aimed at strengthening the group’s business, this acquisition is part of our strategy to continue launching online banking initiatives,” said Horia Ciorcilă, Chairman of Banca Transilvania Board of Directors.
“Idea::Bank, as part of Banca Transilvania Financial Group, will be a digital banking hub through which we will launch and develop creative ideas and digital solutions for current and future customers,” he added.
The Romanian companies that are under the IDEA brand managed RON 2.85 billion (EUR 580 mln) in total assets from over 60,000 customers, with 530 employees and 46 units, at the end of last year.
Getin Holding is active in retail banking, leasing, brokerage services, factoring and consulting in Poland, Ukraine and Romania - and is listed on the Warsaw Stock Exchange.
Barclays Bank Ireland, Filip & Company, EY and Linklaters were Banca Transilvania’s consultants in this transaction. Rothshild & Co., Sayenko Kharenko and Nestor Nestor Diculescu Kingston Petersen advised Getin Holding.
Banca Transilvania made its first acquisition in 2015, when it acquired Volksbank Romania through the largest transaction on the local banking market at that moment. In 2018, the bank acquired Bancpost, ERB Retail Services and ERB Leasing. These acquisitions - together with the organic growth – helped Banca Transilvania to become the largest bank in Romania.
Banca Transilvania today has over 3.2 million customers, over 9,000 employees, and 500 units. Its assets stood at over RON 110 bln (EUR 22.4 bln) at the end of March 2021. The group’s market capitalization is RON 15.9 bln (EUR 3.2 bln) after a 23% share price increase since the beginning of this year.
(Photo source: Banca Transilvania)