Banca Transilvania (BT) has appointed A.T. Kearney, a global management consulting firm, to arrange the integration process of Volksbank Romania, the bank announced.
Mixed teams comprising specialists from BT, Volksbank and A.T. Kearney have already been established for the integration project, according to Omer Tetik, CEO Banca Transilvania.
“A.T. Kearney has already delegated a team to support BT in planning the integration on all key areas. We see this project as an opportunity to contribute to a sustainable development of the Romanian banking sector and to turn this acquisition into a best practice," commented Stefan Marcu, Director A.T. Kearney.
BT is currently obtaining the necessary authorization from the National Bank of Romania and the Competition Council.
In December 2014, the bank signed a firm commitment for the acquisition of 100 percent of Volksbank Romania. The closing of the transaction is expected in about two months, thus Volksbank's integration in BT's structure will begin afterwards.
Banca Transilvania is the third largest bank in Romania, in terms of assets, with a market share of 9.7 percent.