Banca Transilvania to issue 30 million Euros worth of bonds

• Bank of Cyprus, shareholder of Banca Transilvania, is requesting that the Board of Directors be given the power to perform share capital increases, by converting bonds into stock

On Thursday, the Board of Directors of Banca Transilvania (symbol: TLV) approved several additions to the agenda of the Extraordinary General Shareholder Meeting (AGEA) summoned for October 30, following the request submitted by shareholder Bank of Cyprus Group, which holds 9.9% of the shares of the bank.

The amendments to the articles of incorporation included on the agenda also concern the share capital increases, by issuing new shares, which are also applicable to new bonds issues which can be converted into bonds, as well as the ability of the Board of Directors to appoint or to dismiss, "at any time and by providing reasons", the executives of the bank, executive directors, directors in the Central headquarters and branch directors.

Other amendments to the articles of incorporation concern the fact that the members of the Board of will not be allowed to serve as executive members or employees of the bank and that the Board of Directors can appoint a maximum of 11 executive directors.

The day of October 20 has been set as registration date for the shareholders who wish to be eligible for dividends.

Banca Transilvania has a share capital of 1,903,042,413 shares, which was increased in July by 129,384,347 shares. The share capital is divided into shares with a face value of 1 leu.

In the first six months, the bank had a net profit of 179.62 million lei, up 47% YOY.