The merger project of HVB Tiriac and UniCredit Romania will be submitted for the approval of the shareholders in a meeting to take place on March 9. The agenda includes the report drawn up by a KPMG Audit on the merger balance sheets of the two banks for September 30, 2006. As well, it will feature a report on the merger drawn up by Ernst&Young, a firm employed as an independent expert. Following the merger process, HVB Tiriac will absorb UniCredit Romania, with the reference date for the two banks' balance sheets being September 30, 2006. The resulting bank will be called UniCredit Tiriac. Its activity is to include: operating as an American Express agent for the issuing of cards, financial leasing, and proxy operations for other entities in the UniCredito Italiano group. The new bank will operate in the current headquarters of UniCredit Romania, which is to be expanded. HVB Tiriac shareholders are called to approve an increase of the bank's share capital, as a result of the merger by absorption with UniCredit, by 39.1 million RON (some 11.5 million euros).
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