ECONOMY

BoC buys stake in Romania peer

Bank of Cyprus has acquired a 9.7 percent stake in Romania’s Banca Transilvania for 58 million euros, expanding its presence in the Balkan country. ‘The acquisition offers Bank of Cyprus the opportunity to invest at an attractive valuation in the share capital of a leading Romanian bank and to gain further insight and experience into the Romanian banking market,’ it said. The deal does not have a material impact on Bank of Cyprus’s capital adequacy and financial fundamentals, the Cypriot lender added. Banca Transilvania has a 532-branch network and an 8.5 percent market share in total deposits. Bank of Cyprus, also present in Russia, the UK, Ukraine and Australia, initially entered the Romanian market in 2007 where it operates an 11-branch network.