Romanian Largest Bank BT to buy Tiriac Leasing IFN

Romanian largest bank, Banca Transilvania, said on Friday, January 14, that its board of directors approved the acquisition of Tiriac Leasing IFN (Non-Banking Institution) from Molesey Holdings Ltd and Hyundai Auto Romania, as reported by See News. The integration process will occur after all the necessary approvals from the competent authorities are obtained.

Despite Tiriac Leasing IFN being one of the largest non-banking institutions in Romania, This transaction does not represent a significant change in the financial position of Banca Transilvania, as the assets to be added represent less than 1% of the assets of the BT group.

According to the statement, Tiriac Leasing will continue to operate as a separate entity until the completion of the acquisition procedures, and only after this date will the integration process within the group commence.

Tiriac Leasing was established in 1999 under the name Molesey Leasing Group. Tiriac Group is controlled by the former tennis player Ion Tiriac, the second richest man in Romania. According to the latest Romanian billionaires top, his net worth is $ 1.64 Billion.