Shareholders of Romania's Banca Transilvania OK the buyback of maximum 5% of shares

Shareholders of Romania's fifth lender by assets Banca Transilvania (BT) approved the buyback of 5 percent of the bank's shares at most, at a price between 0.4 and 0.28 lei, the bank announced.

The face value of a BT share will be modified from 0.1 lei to 1 leu, but the bank's share capital will remain unchanged.

The bank's general assembly approved the buyback of maximum 529.848.091 shares with a face value of 0.1 lei for a period of 18 months.

Banca Transilvania posted a 40 percent year-on-year climb of the net profit in the first six months to 111.46 million lei, on a 60 percent advance in assets.

Shares are listed at the first tier of the Bucharest Stock Exchange under the symbol TLV. The bank owns a network of 515 units and counts over 6,300 employees.

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