{"id":252035,"date":"2008-06-13T16:40:00","date_gmt":"2008-06-13T16:40:00","guid":{"rendered":"http:\/\/new.moldova.org\/2008\/06\/13\/banca-transilvania-to-open-a-subsidiary-in-chisinau-in-2009-126854-eng\/"},"modified":"2008-06-13T16:40:00","modified_gmt":"2008-06-13T16:40:00","slug":"banca-transilvania-to-open-a-subsidiary-in-chisinau-in-2009-126854-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/banca-transilvania-to-open-a-subsidiary-in-chisinau-in-2009-126854-eng\/","title":{"rendered":"Banca Transilvania to open a subsidiary in Chisinau in 2009"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The management of Banca Transilvania (BT) of Romania announced at the General Meeting of Shareholder that it had decided to open a subsidiary bank in the Republic of Moldova in 2009, writes Ziua de Cluj paper, cited by BASA-press. The bank will be established with the support of the international financial institutions EBRD, IFC (investment division of the World Bank), DEG (part of the German banking group KfW) and FMO (the Netherlands), while BT will control 60% of the capital of the new financial institution. <\/p>\n

"The project starts from zero. Initially we wanted to buy a bank in Moldova, but then we gave up this idea as it didn’t seem to be a good investment. The initial capital of BT Moldova will be of 10 mln EUR. We will hold 60%, and the other four partners will come with 10% each. Practically, we want to replicate the business model in Romania. We intend to establish a leasing subsidiary too. If everything goes well and we get the authorizations, the bank will be operated in 2009. We will grow to several tens of units in Chisinau and other important cities in this country", stated Deputy Director of BT, Ionut Patrahau. <\/p>\n

According to Patrahau, the documentation for getting a banking license will be ready in four or five months, followed by a year for staff employment and training and the main office will be prepared. In Moldova the bank will orient towards the same segment of customers, the middle class and local entrepreneurs, the Deputy Director of BT specified. <\/p>\n

We remind that BT management made public its intention to enter on the Moldovan market as early as in October 2007. <\/p>\n

Banca Transilvania is one of the biggest and most dynamic banks of Romania. During the first three months of this year, BT earned a gross profit of 60.26 mln RON, by 65% more than during the same period last year. As of 31.03.2008 the balance account assets exceeded 14.92 bn RON, 8% up against the end of the last year. <\/p>\n

In 14 years of activity, Banca Transilvania became a financial institution with national representation, with 480 units, over 6,800 employees and a market share of about 5.5%. BT is in the top of the first 5 banks of Romania in terms of assets. It is the first banking institution of Romania quoted at the Bucharest Stock Exchange (BVB) in 1997. the activity of Banca Transilvania is organized in four major business areas: natural persons, SMEs, big companies, the Division for Doctors for whom the bank has specific products and services and a dedicated staff. <\/p>\n

At present, there is only one subsidiary of a foreign bank operating in Moldova – BCR Chisinau. The only shareholder of BCR Chisinau SA is Banca Comerciala Romana Bucuresti SA, the biggest bank of Romania, taken over by the Austrian Financial Group Erste. The stock capital of BCR Chisinau SA is of 130 mln lei. \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The management of Banca Transilvania (BT) of Romania announced at the General Meeting of Shareholder that it had decided to open a subsidiary bank in the Republic of Moldova in 2009<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-252035","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The management of Banca Transilvania (BT) of Romania announced at the General Meeting of Shareholder that it had decided to open a subsidiary bank in the Republic of Moldova in 2009, writes Ziua de Cluj paper, cited by BASA-press. The bank will be established with the support of the international financial institutions EBRD, IFC (investment division of the World Bank), DEG (part of the German banking group KfW) and FMO (the Netherlands), while BT will control 60% of the capital of the new financial institution. <\/p>\n

"The project starts from zero. Initially we wanted to buy a bank in Moldova, but then we gave up this idea as it didn’t seem to be a good investment. The initial capital of BT Moldova will be of 10 mln EUR. We will hold 60%, and the other four partners will come with 10% each. Practically, we want to replicate the business model in Romania. We intend to establish a leasing subsidiary too. If everything goes well and we get the authorizations, the bank will be operated in 2009. We will grow to several tens of units in Chisinau and other important cities in this country", stated Deputy Director of BT, Ionut Patrahau. <\/p>\n

According to Patrahau, the documentation for getting a banking license will be ready in four or five months, followed by a year for staff employment and training and the main office will be prepared. In Moldova the bank will orient towards the same segment of customers, the middle class and local entrepreneurs, the Deputy Director of BT specified. <\/p>\n

We remind that BT management made public its intention to enter on the Moldovan market as early as in October 2007. <\/p>\n

Banca Transilvania is one of the biggest and most dynamic banks of Romania. During the first three months of this year, BT earned a gross profit of 60.26 mln RON, by 65% more than during the same period last year. As of 31.03.2008 the balance account assets exceeded 14.92 bn RON, 8% up against the end of the last year. <\/p>\n

In 14 years of activity, Banca Transilvania became a financial institution with national representation, with 480 units, over 6,800 employees and a market share of about 5.5%. BT is in the top of the first 5 banks of Romania in terms of assets. It is the first banking institution of Romania quoted at the Bucharest Stock Exchange (BVB) in 1997. the activity of Banca Transilvania is organized in four major business areas: natural persons, SMEs, big companies, the Division for Doctors for whom the bank has specific products and services and a dedicated staff. <\/p>\n

At present, there is only one subsidiary of a foreign bank operating in Moldova – BCR Chisinau. The only shareholder of BCR Chisinau SA is Banca Comerciala Romana Bucuresti SA, the biggest bank of Romania, taken over by the Austrian Financial Group Erste. The stock capital of BCR Chisinau SA is of 130 mln lei. \/\/ BASA-Press<\/p>\n

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