Banca Transilvania President Sells 23 Million Shares To Pay Back Loan

06.18.2015 By Cristian Hostiuc

Horia Ciorcila, president of Banca Transilvania (TLV.RO) and the main individual shareholder, sold Wednesday a stake of 23 million Banca Transilvania shares worth approximately EUR11 million.

”I sold part of the shares that I own to pay back a loan taken from a bank in 2007,” Ciorcila told ZF, without providing further details.

Ciorcila, one of the founders of the bank, owns around 5% of the share capital through a non-resident company.

Banca Transilvania shares rose 40% on the stock exchange in the last year. After the announcement on Volksbank Romania takeover, Banca Transilvania shares rose from RON1.6/share to RON2.4/share.

The bank’s shares fell in the last two weeks due to the financial markets’ volatility triggered by the Greek crisis and they are now trading at around RON2.1/unit.

According to market information, Ciorcila took a loan from Bank of Cyprus, which was guaranteed with shares owned in Banca Transilvania.