Banca Transilvania S.A. (BVB:TLV) is reportedly close to reaching a deal to acquire Garanti Bank Romania, which is up for sale, according to Economica.net. OTP Bank Nyrt. (BUSE:OTP) and Intesa Sanpaolo S.p.A. (BIT:ISP), both active on the Romanian market, are competing for Garanti Romania as well.

In fact, they were reported as the main candidates in January, before the coronavirus (COVID-19) pandemic put the negotiations on ice. In March, however, the majority shareholder of Turkiye Garanti Bankasi A.S. (IBSE:GARAN), Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA), was reportedly disappointed with the offers it received. The offers received from Intesa and OTP implied a multiple of about 1.3 over the bank's net assets, while BBVA was aiming to get a multiple in the area of 1.4-1.5, sources familiar with the negotiations told Ziarul Financiar at that time.

Garanti Bank Romania had assets worth RON 10.2 billion (€2.1 billion) at the end of 2018 resulting in a 2.28% market share. The bank's market share edged down to 2.19% at the end of 2019, according to Economica.net. Upon the takeover, Banca Transilvania would thus near a 20% market share.