Banca Transilvania to create digital banking hub with Idea::Bank acquisition

Banca Transilvania to create digital banking hub with Idea::Bank acquisition
By bne IntelliNews November 3, 2021

Romania’s biggest lender Banca Transilvania (BT) has reached the closing phase for the acquisition of Getin Holdings’ shares in Idea::Bank, Idea::Leasing and Idea::Insurance Broker.

Idea::Bank is the third bank purchased by Banca Transilvania, after Bancpost (2018) and Volksbank Romania (2015).

BT announced the signing of the purchase agreement in June this year, and lately, the bank received the necessary authorisations for the completion of the transaction from the National Bank of Romania and from the Competition Council.

Idea::Bank will become a digital banking hub. All the three entities known under the Idea brand will have new corporate identities.

The new transaction will not only contribute to the Romanian banking sector consolidation but will also convey the affirmation of the new bank as a digital platform with an ESG agenda at all levels, BT said.

“We are happy to supplement Banca Transilvania’s ecosystem and capabilities with a new entity that has technology written in its DNA … We are confident that through our endeavours we are groundbreakers on the Romanian banking market and to our clients who are keener and keener for online banking products and services.  We are appreciative to the ones who have contributed to the success of this purchase - authorities, financial and legal advisors, and BT’s dedicated team. Likewise, we thank the Getin Holding Group for their trust and cooperation,” said Horia Ciorcilă, chairman of the board of directors, Banca Transilvania.

The consultants of Banca Transilvania for the transaction were Barclays Bank Ireland PLC, Filip&Company, EY and Linklaters.