BA-CA and two entities ultimately controlled by Mr. Ion Tiriac had signed an agreement in June, which entered into effect today. Thereby BA-CA acquired 50% plus one share in Banca Tiriac, while the entities controlled by Mr. Ion Tiriac in turn acquired 50% less one share in HVB Bank Romania. This was achieved through a sale and an exchange of shares. Following the merger of the two banks, BA-CA shall continue to hold the majority at 50% plus one share in the new bank and will have responsibility for managing the business. The other main shareholders in the new bank will be the entities controlled by Mr. Ion Tiriac. Additionally, the minority shareholders of Banca Tiriac will automatically become shareholders in the new bank.
The preparations for the merger of HVB Bank Romania and Banca Tiriac start today. During the integration process, both banks will operate in parallel. The merger is planned to be completed in the first half of next year and is subject to approval by all relevant authorities. It will create the fourth largest Romanian bank with total assets of EUR 2.1 billion, 7.5 per cent market share and 720,000 customers.
In preparation for the merger, some changes in the management of the two banks will take place.
The management of HVB Bank Romania will consist of the following members:
• Dan Pascariu, 55, Chief Executive Officer (CEO) and responsible for International Markets.
• Manuela Plapcianu, 42, currently Head of the Retail Banking Division at HVB Bank Romania, will join the management of HVB Bank Romania and become responsible for Retail and Corporate. Wolfgang Schoiswohl, currently responsible for Corporate, will join the management of Banca Tiriac.
• Andreas Gschwenter, 36, currently Chief Operations Officer (COO) at HVB Bank Serbia and Montenegro, will join the management of HVB Bank Romania. He will assume the functions of COO and Integration Manager.
• Florian Kubinschi, 45, currently Chief Financial Officer (CFO) at Banca Tiriac, will join the management of HVB Bank Romania to assume the position of CFO.
The management of Banca Tiriac will consist of the following members:
• Selcuk Saldirak, 49, Chief Executive Officer (CEO), responsible for International Markets.
• Haluk Kurcer, 49, Chief Operations Officer (COO).
• Catalin Parvu, 48, responsible for Retail and SME Business.
• Wolfgang Schoiswohl, 43, currently member of the management of HVB Bank Romania and responsible for Corporate, will join the management of Banca Tiriac and assume the function of CFO.
The management changes are subject to the approval by the Romanian National Bank and by the general shareholders‘ meeting of the banks and will become effective following registration with the Trade Register.
BA-CA, a member of HVB Group, is operating the largest banking network in Central and Eastern Europe, with EUR 36 billion total assets, more than 1,000 offices and 4.7 million customers. During the past years, BA-CA has received more than 250 awards in recognition of its achievements in Central and Eastern Europe. In 2004, BA-CA was named “Best Bank in Austria and CEE” by Euromoney and “Bank of the Year in Austria and CEE” by The Banker. In 2005, HVB Bank Romania was awarded as “Best Debt House” by Euromoney.
