Banca Transilvania a bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 corporation in Romania

Romania

Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...

, was founded December 1993 in Cluj-Napoca

Cluj-Napoca

Cluj-Napoca , commonly known as Cluj, is the fourth most populous city in Romania and the seat of Cluj County in the northwestern part of the country. Geographically, it is roughly equidistant from Bucharest , Budapest and Belgrade...

 by several local businessmen, with an initial capitalization of 2 billion Romanian lei (ROL)

Romanian leu

The leu is the currency of Romania. It is subdivided into 100 bani . The name of the currency means "lion". On 1 July 2005, Romania underwent a currency reform, switching from the previous leu to a new leu . 1 RON is equal to 10,000 ROL...

 (approximately US$1 million); initial capitalization was 79% Romanian and 21% foreign.

The bank first opened for business February 16, 1994, with the opening of its headquarters in Cluj-Napoca. Its branch network extended to 63 locations in December 2003 and 331 locations in December 2006, of which 21 are in the city of Cluj-Napoca. The institution is listed on the Bucharest Stock Exchange

Bucharest Stock Exchange

The Bucharest Stock Exchange is a stock exchange in Bucharest, capital of Romania. On December 1, 2005, Bucharest's electronic over-the-counter stock market, Rasdaq, was merged with the Bucharest Stock Exchange....

 (tag TLV).
The bank is currently (December 2003) in the process of reorganizing as Grupul Financiar BT ("The BT Financial Group") which will also include companies in which the bank has invested: insurance and re-insurance company BT Asigurări (formerly SAR Transilvania), BT Leasing (formerly Leasing Transilvania), BT Securities, BT Asset Management, Compania de Factoring and BT Direct (that will round out the offering in the consumer finance sector). Banca Transilvania has majority positions in all of the other institutions involved; some are wholly owned subsidiaries.

External links

• Banca Transilvania