The end has arrived for OTP Bank in Romania: the last step has been taken

According to MTI, citing the Romanian newspaper Economedia, the Bucharest Competition Authority has approved the acquisition of OTP Romania.

The Romanian newspaper reports that the institution announced in a statement it had obtained approval from the Romanian Competition Authority.

OTP Bank Romania has been acquired by Transilvania Bank in a transaction worth EUR 347.5 million.

The Hungarian financial institution announced in February that it would sell its stake in Romania after 20 years in the Romanian market. For more details, see: Hungarian OTP Bank leaves Romania after 20 years

However, rumours of the exit began to circulate much earlier, in autumn 2023, and it was known that the Romanian Competition Authority had put the deal on hold for a while.

OTP Bank exits Romania

After 20 years, the Hungarian bank has completely withdrawn from its neighbour. OTP Bank was the tenth-largest player in the Romanian market, with a 2.46% share.

Sándor Csányi, Chairman and CEO of OTP, briefly mentioned the withdrawal from Romania in April this year. Csányi said at the time that they were reluctant to withdraw from Romania, but it seemed clear they would not be allowed to make acquisitions, so they decided to exit.

Transilvania Bank is the market leader in the Romanian financial sector in terms of assets. The acquisition could increase the Cluj-based financial institution’s market share to 22.5%.

Read also:

• Hungarian OTP Bank eyes expansion in Ukraine with major acquisition, details HERE