RO central bank vetoes sale of bank license to local businessman Dan Ostahie

The National Bank of Romania has vetoed the sale of the banking license owned by Porsche Finance Romania Group to local businessman Dan Ostahie, Economica.net reported.

Ostahie is the owner of the Altex Group, best known for the electro-IT online and physical stores but also active in other business lines including consumer financing.

The deal, involving Porsche Bank Romania, was sealed by the parties in March and endorsed by the Competition Council on June 20.

The deal was not supposed to involve the Porsche brand or assets of Porsche Bank - some EUR 190 mln - but only the banking license, according to details disclosed when the deal was announced in March.

The BNR’s denial, the second of this type after the ban of the sale of Banca Romaneasca to Hungary’s OTP, was not officially announced.

The management of the bank envisaged by Dan Ostahie includes Misu Negritoiu - former ING Romania CEO and former head of the financial supervisory body ASF.

According to the latest public data, Porsche Bank Romania reported a loss of RON 212,460 (some EUR 45,000) in 2020 after the RON 8.11 mln profit in 2019. At the end of December 2020, the total assets of the bank reached RON 913 mln.

Porsche Finance Group Romania is the local subsidiary of Porsche Bank AG (Austria). It includes Porsche Leasing Romania IFN, Porsche Bank Romania (launched in October 2004), Porsche Insurance Broker, Porsche Mobility and Porsche Insurance.

Dan Ostahie controls the Altex Group, which is organized in several lines of activity, namely retail, IT services, import, production and distribution of electro-IT products, service, non-banking financial services, transport, automotive, and real estate.

(Photo courtesy of the company)