BUCHAREST (Romania), June 20 (SeeNews) - Romania's competition authority said on Monday that it has approved the takeover of domestic lender Porsche Bank Romania by local IT&C entrepreneur Dan Ostahie.
"Following a review of the transaction, the Competition Council has found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the antitrust body said in a statement.
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In March, the council announced it is looking into the deal.
Porsche Finance Group Romania is the local subsidiary of Porsche Bank A.G. It operates in Romania on the financial-banking services market through Porsche Bank Romania and Porsche Leasing Romania IFN, whose predominant activity is lending - mostly in the form of consumer loans and car leasing.
Dan Ostahie controls local Altex Group. Established in 2000, the group comprises IT&C and electronics retailers Altex Romania and Media Galaxy, Complet Electro Serv, consumer loan company Credex, car dealer Auto Moldova and software developer Axsys Business Technologies.