Romanian lender Banca Transilvania dismisses market rumors on possible sale

Publish date: 03-11-2008
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Romania's fifth lender by assets Banca Transilvania denied rumors over possible sale explaining such a move should be firstly approved by the shareholders at a general assembly, according to a press release.

The bank reacted to recent rumors in the media according to which some shareholders appointed an investment bank to carry sale negotiations.

"We inform the lender is currently carrying no talks to negotiate a sale," the release read.

Banca Transilvania, a top ten lender with Romanian ownership, is seen by many players on the market as a potential buy. 

It has a market value of 2.78 billion lei corresponding to the last trading price of 0.2620 lei established on the capital market on September 12. Since the beginning of the year shares lost 71 percent on roar on financial markets.

Nine-month profit this year stood at 396.6 million lei, a 197 percent advance over the similar period last year, most of it stemming from the sale of 25 percent stake in insurer Asiban.

The bank has a share capital of 1.06 billion lei, divided into 10.6 billion shares at a face value of 0.10 lei. The main shareholder is the European Bank for Reconstruction and Development EBRD which controls 14.98 percent.


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