“In 2016, Banca Transilvania may issue new shares to be given free of charge considering the significant gains from the transaction,“ according to Alexandru Combei, analyst with Raiffeisen Bank.
Banca Transilvania, the third largest bank in Romania by assets, signed a binding agreement in December 2014 to take over Volksbank Romania. The financial details of the deal have not been made public but the deal has been estimated at more than EUR710 million .
Banca Transilvania posted a net profit of RON190.2 million in the first half of the year, up 5.1% compared to the same period in 2014, and its assets rose 8.4%, to RON38.6 billion.
As a result of the merger, Banca Transilvania group posted total assets of 44.6 billion lei in the first semester, up 25% compared the same period a year ago. BRD SocGen ranks 2nd, with RON48 billion assets in the first semester, up 4% from the same period a year before.
(English version by Manuela Panescu)