“Banca Transilvania will stick to the plans agreed prior to the transaction – with the help of its shareholders and strategic partners, EBRD and IFC - of remaining a bank with local private ownership, and one of the leading banks in Romania.

The bank welcomes Bank of Cyprus in its ownership structure, “the investment in TLV shares being a sign of trust in the bank, in the management and in the future of Banca Transilvania”.

Bank of Cyprus paid €58 million (250 million lei) for 9.7% interest in Banca Transilvania, this being the second largest shareholder of TLV after European Bank for Reconstruction and Development, the transaction evaluating the Romanian credit institution at €600 million.