Romanian Banca Transilvania agrees deal to buy Greek Eurobank’s Bancpost

Banca Transilvania, Romania’s second-largest bank said on Friday it has reached an agreement with Greece’s Eurobank to buy its Romanian subsidiary Bancpost and will sign the contract later in the day.

The deal, which will be subject to regulatory approval, will also give Banca Transilvania stakes in ERB Retail Services and ERB Leasing, part of the Romanaian group.

Banca Transilvania, which did not disclose financial details of the acquisition, said it will begin integrating Bancpost operations in 2018.

The sale is part of a restructuring plan agreed by Greece’s third largest lender with European Union authorities. Greek banks have been divesting assets and foreign subsidiaries to focus on their domestic market under a restructuring drive. [Reuters]