Banca Transilvania opens second Cyprus subsidiary in Limassol

Romanian lender Banca Transilvania has opened the second branch in Cyprus, the Limassol agency. The bank entered the Cyprus market in 2007, when it opened the first subsidiary in Nicosia. It targeted the Romanian community in Cyprus, around 40,000 people who work there. Banca Transilvania is the only Romanian bank in Cyprus and the Limassol branch employs Romanian staff. The bank has 540 branches in Romania and 20 new locations were inaugurated this year. Banca Transilvania shareholders have recently subscribed 93 percent of the bank’s share capital increase, the bank has announced. Banca Transilvania has increased its share capital by EUR 26.3 million. The bank is owned by the European Bank for Reconstruction and Development (EBRD), with 15 percent of the shares, Bank of Cyprus with 9.5 percent, the SIFs investment funds, private investor Horia Ciorcila with 5 percent, the International Financial Corporation with 3 percent. editor@romania-insider.com