You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Romania's antitrust body approves Porsche Bank's takeover by Dan Ostahie

Romania's antitrust body approves Porsche Bank's takeover by Dan Ostahie Porsche Bank Romania Source: Porsche Bank

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.

You can subscribe to our M&A newsletter here

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.

Share this story
SeeNews in Brief

View our Newsletters

 
Compare