Banca Transilvania has acquired OTP Bank Romania, marking a significant consolidation in the Romanian banking sector. This marks a significant change as OTP Group decides to leave the Romanian market after two decades, handing over its operations to Banca Transilvania, the leading bank in the country. The deal, valued at EUR 347.5 million, is a major step towards consolidation in the banking sector.
After the banking authorities approve the deal, Banca Transilvania plans to initiate the legal and operational merger with OTP Bank Romania. During this process, the OTP brand will temporarily remain to secure an easy transition for customers and employees.
For customers of OTP Bank Romania, it’s business as usual. There’s no immediate action required on their part, and services will continue under the existing terms and conditions. Banca Transilvania also plans to uphold its commitments, including continued support for the Bethlen Gabor Foundation and maintaining services like multi/bilingual options where needed.
What Does Leadership Have To Say?
Horia Ciorcilă, the Chairman of Banca Transilvania’s Board of Directors, sees this acquisition as an opportunity to solidify the bank’s leadership position and contribute to strengthening the Romanian banking market.
For the BT Group, the acquisition of OTP Group's business in Romania is an opportunity to strengthen our leading position and contribute to the consolidation of the Romanian banking market. We will continue pursuing our ambitious plans by organic growth, but also maintaining an active role in further M&A possibilities in financial market segments of interest. We thank the OTP Group for the business they have built in Romania and for the pragmatic discussions concluded with a positive result. We are looking forward to welcome OTP’s clients and employees to BT.
Sándor Csányi, OTP Bank’s Chairman and CEO, reflects on the growth achieved in Romania over the past 20 years and acknowledges the strategic move towards ensuring customers continue to receive high-quality services and innovative financial products.
Our local bank has come a long way in the 20 years we have been in Romania, and we have achieved substantial organic growth in recent years, but it has become clear that we cannot achieve our strategic growth target without acquisitions. And there is little prospect of potential acquisitions in the foreseeable future. I am confident that our customers will continue to receive the high quality of service they have come to expect and will continue to have a choice of innovative financial products. I would like to thank our Romanian colleagues and the management of the respective companies for their dedication and hard work, which has been the basis for the growth and high quality of service we have achieved so far.
