Romania’s Banca Transilvania has signed an agreement to buy 100% of Volksbank Romania, a local subsidiary of Austrian lender Volksbanken.

Volksbanken holds 51% stake in Volksbank Romania. While, French group BPCE and German groups DZ Bank and WGZ Bank hold remaining 49% stake.

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Volksbank Romania operated 135 branches, has 190,000 clients and its balance sheet total stands at EUR3.1bn.

Banca Transilvania and Volksbank will function as separate entities until the transaction is finalized, after which Volksbank Romania will be integrated into Banca Transilvania’s operations.

Details of the deal, which is set to close in the first half of 2015, have not been disclosed.

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