BT wants control of BT Asigurari Transilvania

Banca Transilvania (BT) on Monday announced it plans to acquire a further 54.5% in BT Asigurari Transilvania, now that it has secured the National Bank of Romania’s endorsement. BT officials appraised the stake at 3.6 million euros. This transaction will enable Banca Transilvania to own 74.5% in the insurance company. Banca Transilvania currently holds 20% in the insurer, with the rest owned by foreign individuals (22%) and Romanian individuals and legal entities (58%). “BT Asigurari was born in 1994, as proposed by Banca Transilvania. The fact that the bank wants to buy a further 54.5% of its shares is nothing more than the fulfilment of a wish made back then. Control over an insurance company would make the BT Financial Group complete,” said Constantin Jeican, BT Asigurari Transilvania chairman. The company, whose share capital reaches 82.3bn ROL, concluded the 2003 financial year with 36.6bn ROL gross profit, up 114% from the previous year. ZF