Banca Transilvania (BT) is preparing to more than triple its net profit for 2007 against 2006, after collecting 76.5 million euros, i.e. 85% of the price it is due to receive for selling the majority stake in its former subsidiary BT Asigurari (BT Insurance). In October, the bank signed a contract to sell the 90% stake in the insurance company, for 90 million euros. The remaining sum will be paid in the course of 2008, according to a release sent to the Bucharest Stock Exchange. After collecting the 76.5 million euros, BT's profit for the full year could climb to around 131 million euros, compared with a profit of just above 34 million euros in 2006. Under the circumstances, BT could become the third most profitable bank on the market, after BCR and BRD. In the first nine months of the year, BT posted a net profit worth 133.5 million RON (equivalent to 40.4 million euros), 58% more in RON than during the same time last year. In the fourth quarter of 2006, BT posted a net profit worth 35.8 million euros (slightly above 10 million euros).
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