Transilvania Bank sells BT Aegon for 11 million Euros

"Banca Transilvania" has decided to sell to Aegon its 50% stake held in BT Aegon for some 11 million Euros, with both companies being shareholders in the private pension management company until now. The deal may be go through in the second quarter of the current year, subject to obtaining the needed approvals from the competent authorities.

According to a press release issued by Banca Transilvania, the decision to sell the stake in BT Aegon was made in order to stick with the strategy for the allocation of resources and focusing on its main area of activity, banking.

Following this deal, the two companies will also sign a distribution contract, which will cover both life insurance, as well as pension-related products. This contract will also be finalized in the coming weeks, with "Banca Transilvania" and Aegon expecting to benefit from the growth forecasted for coming years for the insurance and private pension markets.

The partnership between "Banca Transilvania" and Aegon was made public in January 2007, and its has led to the creation of the BT Aegon company. The pension manager has received the license from the Commission for the Surveillance of the Private Pension System (CSSPP) in August 2007, in order to operate as a private pension fund administrator.

The Dutch company Aegon is present in over six countries of Central and Eastern Europe, of including Romania and by fully acquiring BT Aegon it intends to strengthen the position it holds in Romania, and in the region.

"Banca Transilvania" is the fifth largest bank in terms of assets, with its majority stake being held by Romanian funds, and the European Bank for Reconstruction and Development, which holds a 15% stake of the share capital, is its significant shareholder. The bank currently has over 500 units and over 6.000 employees.