The shareholders of Baca Transilvania were convoked on April 25 at the General Meeting. The leadership wants to distribute dividends worth 610 million lei and to grew the social capital.

The approval of the proposal for distribution of the net profit realized in the amount of 1,185,979,233 lei takes place the following way: - allocation of the amount of 104 937 573 lei for legal reserves and other reserves, of the amount of 1 081 041 660 lei for reserves from net profit to be distributed, of which the amount of 610 000 000 lei will be distributed as dividends.

Thus, the gross dividend is 0.1405063951 lei / share.

At the same time, the shareholders will decide on growing the social capital with 471 041 660 lei, through 471 041 660 actives worth 1 leu each. Also, the price as well as the determination of the price at which the fraction of shares resulting from the application of the algorithm and the rounding of the results will be compensated according to the legal provisions in force.

The increase of the share capital will be achieved by incorporating the reserves constituted from the net profit of 2017, amounting to 471 041 660 lei, by issuing 471 041 660 shares, with a nominal value of 1 leu / share, for the benefit of the shareholders registered in the Register Shareholders held by the Central Depository at the registration date to be determined by the AGM (the proposal being August 3, 2018).

Also on April 25, the elections for the new Board of Directors are also convened for the 2018-2022 term. The deadline for submitting applications is  April 9 2018, 5 pm.

The AGA will also discuss the revenue and expenditure budget and investment program for 2018, but also the approval of the bank's redemption of its own shares, in accordance with the applicable legal provisions, under the following conditions: maximum 35 000 000 shares (0.8062 % of the total share capital) with a face value of 1 leu / share at a minimum price equal to the market price on the BVB from the moment of the purchase and a maximum price of 4 lei for a period of maximum 18 months at the date of publication of the EGM's decision in the Official Gazette of Romania Part IV, within the framework of a stock option plan for the implementation of a remuneration system and the implementation of a staff loyalty program for a period of at least 3 years, fixed remuneration, respectively giving a mandate to the Board of Directors to carry out this decision.

Also, the shareholders will be informed regarding the acquisitions of some participants in the social capital of Victoriabank SA, Bancpost SA, ERB Retail Services IFN SA and ERB Leasing IFN SA. The approval will be voted by Banca Transilvania and Bancpost.

Recently, the bank announced it received the required approvals to take over Bancpost and that it expects the completion of the transaction to take place in the first half of April 2018.

At the beginning of the year, Banca Transilvania became Victoriabank's shareholder for the third time.

Transilvania Bank (BT) net profit dropped 3.46% last year compared to 2016, reaching 1.186 billion lei.

Financial Group Banca Transilvania ended last year with a net profit of 1.242 billion lei, down 2.74%. The BT Group had at the end of December 2017 assets of 59.8 billion lei, of which the bank holds 59.3 billion lei.