EnglishAna Săbiescu
Banca Transilvania stopped buying back own shares on the Bucharest Stock Exchange (BSE) after noticing that the market had diminished, according to Horia Ciorcila, Chairman of the Board of Directors. "Obviously, the process can be resumed, but the decision needs to be made by the Board of Directors and then announced publicly," he said.
The last time when Banca Transilvania (BSE:TLV) bought back own shares was on 28 April 2009, when 150,000 shares were purchased for 1.1333 RON/share. The bank has bought back a total of 15,185,100 shares for 12.16 million RON since the buyback process started. Banca Transilvania paid between 0.6111 RON and 1.2614 RON per share.
The Board of Directors on 7 January decided to buy back up to 5% of the bank"s shares via the Bucharest Stock Exchange, after shareholders had approved the plan in September 2008. In keeping with this decision, the bank can buy back up to 52.98 million shares with a face value of 1 RON and a price of up to 4 RON/share.
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