Dan Ostahie, the founder and main owner of Altex group with diversified activities organized around the online retailer with the same name, seeks to buy the banking license currently held by Porsche Bank Romania. The deal will not involve the Porsche brand or assets of Porsche Bank - some RON 900 mln (EUR 189 mln) - but only the banking license.

The Competition Council is currently reviewing the deal.

The Altex group of companies already includes Credex IFN - which provides consumer goods loans, personal loans, car loans and life insurance in partnership with Metlife. Credex IFN extends financing through commercial partners (Altex, Media Galaxy), car dealers (new and used), brokers and through its structure of sales agents (direct sales).

Following the deal, Porsche Bank Romania will transfer the activity to Porsche Bank non-bank financial institution (IFN), Profit.ro explained, quoting the group's officials.

Porsche Finance Group Romania told Profit.ro that, in order to streamline operations, it is actively analyzing the reorganization and optimization of activities within the group of companies.

"The reorganization is currently the subject of a commercial transaction, conditioned by certain institutional approvals," Porsche Finance Group Romania explained.

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 SRL, Porsche Mobility SRL and Porsche Insurance.

andrei@romania-insider.com

(Photo source: Altex Romania)