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Banca Transilvania, a bank corporation in Romania, was founded December 1993 in Cluj-Napoca by several local businessmen, with an initial capitalization of 2 billion Romanian lei (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, of which 6 are in the city of Cluj-Napoca. The institution is listed on the Bucharest Stock Exchange.
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 SAR Transilvania), Leasing Transilvania (which will become BT Leasing), Compania de Brokeraj Transilvania Capital Invest (which will become BT Securities). Also, BT Direct 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.
