Romania’s National Bank (BNR) has approved Banca Transilvania’s merger with Volksbank Romania.

The operation will become effective on December 31, 2015, Banca Transilvania announced on Monday, August 31. The merger project will be made public on September 2.

Banca Transilvania is currently the third largest lender in Romania by assets, after BCR and BRD, with a market share of close to 10%. It has over 6,000 employees and a network of 550 banking units.

Banca Transilvania finalized Volksbank Romania’s takeover from Austrian group Volksbank in April this year. After the two banks finish their merger, Banca Transilvania could become the second largest bank in Romania.

editor@romania-insider.com