EnglishBanca Transilvania has decided to replace financial auditor SC Ernst & Young Assurance Services SRL with KPMG as E&Y had been the bank"s auditor for four years whereas best practice requires that the auditor be replaced periodically.
KPMG will act as Banca Transilvania"s auditor through KPMG Audit SRL and KPMG Romania SRL. The scope of service will also include the companies in the Banca Transilvania Group. BT shareholders recently changed the bank"s bylaws so as to enable Shareholder Assembly meetings to be statutory with the presence of shareholders cumulating at least 35% of the shares.
Banca Transilvania was established 13 years ago and has grown to 346 branches and some 4,500 employees. With a market share of 4.7%, Banca Transilvania is one of the top 10 banks in the country in terms of assets.
It is also the first bank in Romania to have been listed on the Bucharest Stock Exchange in 1997. The bank addresses three distinct categories of customers: individuals, small businesses and corporations and has dedicated products and personnel for each of them.
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