BUCHAREST (Romania), August 19 (SeeNews) - BT Leasing Transilvania IFN, part of Romanian financial group Banca Transilvania [BSE:TLV], said on Friday that its shareholders approved a merger with local peer Tiriac Leasing IFN.
The merger, which was approved on August 16, has as main objective the natural consolidation, together with an increase of the leasing business, BT Leasing Transilvania IFN said in a statement filed with the Bucharest Stock Exchange, BVB.
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The merger will follow the legal procedures and until the closing of the entire merging process, both leasing companies will continue to have separate activities, according to the statement.
In January, Banca Transilvania's board of directors approved the acquisition of Tiriac Leasing IFN from Molesey Holdings Ltd and Hyundai Auto Romania and in June the acquisition was completed.
Tiriac Leasing was established in 1999 under the name Molesey Leasing Group. Initially established to support the car sales of the Tiriac Group, the company has developed into a self-sufficient business, under a diversification policy, providing financial leases for the entire range of new and used vehicles, from cars to commercial fleets, according to the company's website.
Tiriac Group is controlled by professional tennis player-turned-businessman Ion Tiriac and brings together more than 40 local private companies, operating in the following main sectors: automotive, real estate, financial services, air transportation and energy.
At the end of October, Banca Transilvania completed the acquisition of Getin Holding's Bucharest-based subsidiary Idea Bank Romania.
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