UniCredit Bank Austria, better known as Bank Austria, has purchased 45% stake in Romanian lender UniCredit Tiriac Bank from Tiriac Holdings.
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The transaction, which is set to close in June 2015, will boost Bank Austria’s stake in UniCredit Tiriac Bank to 95.6%.
Bank Austria’s CEE business head Carlo Vivaldi said: "Following our acquisition of the Royal Bank of Scotland’s retail and corporate customer portfolios in Romania, we are now further strengthening and expanding our market position in Romania through this transaction."
Bucharest-based UniCredit Tiriac Bank has around 3,350 employees and serves retail and corporate customers in more than 180 branches in Romania.
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