Bank of Cyprus buys into Banca Transilvania

Bank of Cyprus has paid 58 million Euro for a 9.7 per cent in Romanian bank Banca Transilvania (BT) on the Bucharest Stock Exchange. The Cypriot banks sees this transaction as an “investment” decision of buying into a dynamic finance player at an attractive price. BT has 532 branches and assets of 4.3 billion Euro and its largest shareholder remains the European Bank of Reconstruction and Development with 15 per cent. Bank of Cyprus’s Romanian division has 11 branches.

Source: www.thediplomat.ro (February 2010)