Romania-based Banca Transilvania SA agreed to acquire Tiriac Leasing SA from Tiriac Group, with the deal pending regulatory approvals.

Tiriac Leasing will be integrated into Banca Transilvania Financial Group after the deal is completed, which is expected by the end of the first quarter. Financial details of the transaction were not disclosed.

"BT's plan through this strategic step is both to directly engage in a niche business model that makes a difference in the automotive market, and to strengthen its position with alternative financing services," the Romanian bank said.

Banca Transilvania operates in the Romanian leasing market via its unit, BT Leasing. In 2021, the group acquired Idea Leasing IFN SA and other local units of Poland-based Getin Holding SA.