June 23, 2014

Tiriac exits UniCredit Tiriac bank

Tiriac exits UniCredit Tiriac bank

Wealthy Romanian entrepreneur and former tennis player Ion Tiriac recently sold his 45 percent stake in lender UniCredit Tiriac Bank to the majority owner of the bank, the Italian group UniCredit. This was part of the exit options agreed by the shareholders, according to Mediafax.

The deal was first mentioned by the Italian publication Messaggero. The value of the deal is of some €700 million, according to the Italian publication, which would make this the largest bank transaction in Romania after the financial crisis.

Tiriac owns his stake in the bank via two companies, Redrum International Investments B.V and Vesanio Trading Limited. UniCredit group owns 50.5 percent in the Romanian lender.

The consolidated net profit of UniCredit Tiriac Bank and UniCredit Consumer Financing increased by 18 percent in the first quarter of 2014 in Romania, reaching €16 million.

At the end of the first quarter UniCredit Tiriac Bank had a total of 188 branches, while the number of employees for UniCredit Tiriac Bank and UniCredit Consumer Financing was of over 3,100.

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