The integration of the two organisations began in August this year. Credit: Cherdchai101/Shutterstock.

Romania-based retail bank Banca Transilvania has secured the approval of its shareholders for its merger with OTP Bank Romania, with the integration process set to conclude on 28 February 2025.

This deal was cleared by Banca Transilvania’s shareholders at the Extraordinary General Meeting.

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The integration began in August this year and following its completion, OTP Bank Romania’s customers will be fully transitioned to Banca Transilvania.

Until this process is complete, both banks will retain their operational independence.

Banca Transilvania signed a deal in February 2024 to acquire OTP Bank Romania along with its Romanian subsidiaries from OTP Group for €347.5m.

The additional subsidiaries involved in the acquisition include OTP Leasing Romania, OTP Asset Management Romania, OTP Factoring Romania, OTP Consulting Romania, OTP Advisors Romania, and OTP Bank Foundation Romania.

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The sale of OTP Bank Romania and its subsidiaries was completed by OTP Group in July 2024, having received the necessary approvals from the Competition Council and the National Bank of Romania.

The first of these mergers occurred early this month, involving BT Leasing and OTP Leasing.

Banca Transilvania board of directors chairman HoriaCiorcilă said: “I would like to thank our shareholders for this vote of confidence on the plan to merge Banca Transilvania with OTP Bank Romania. It is BT’s fastest integration, realised in just seven months.

“The period elapsed so far has unfolded according to our ambitious plan, due to the collaboration of 750 people – part of the two banks teams, who have allocated more than 150,000 hours to specific projects. I am confident that the integration will go smoothly until the end, together with BT’s organic growth.”

Besides, Banca Transilvania has initiated the distribution of over 320,000 new bank cards to OTP Bank Romania customers, who will be able to start using them from 3 March 2025.

Individual customers have started receiving their new cards from the middle of this month, while business customers will get their cards from mid-January 2025.