Thursday, August 11 2022

Dan Ostahie, the founder and main owner of the Altex group with diversified activities organized around the online retailer of the same name, is seeking to buy out the banking license currently held by Porsche Bank Romania. The deal will not involve the Porsche brand or the assets of Porsche Bank – some RON 900 million (€189 million) – but only the banking license.

The Competition Council is currently examining the agreement.

The Altex group of companies already includes Credex IFN – which offers consumer loans, personal loans, car loans and life insurance in partnership with Metlife. Credex IFN offers financing through business partners (Altex, Media Galaxy), car dealerships (new and used), brokers and through its commercial agent structure (direct sales).

Following the agreement, Porsche Bank Romania will transfer the activity to the non-banking financial institution (NFI) of Porsche Bank, Profit.ro explained, citing group officials.

Porsche Finance Group Romania told Profit.ro that in order to streamline operations, it is actively analyzing the reorganization and optimization of activities within the group of companies.

“The reorganization is currently the subject of a commercial transaction, subject to certain institutional approvals,” explained Porsche Finance Group Romania.

Porsche Finance Group Romania is the local subsidiary of Porsche Bank AG (Austria). It includes Porsche Leasing Romania IFN, Porsche Bank Romania (launched in October 2004), Porsche Insurance Broker SRL, Porsche Mobility SRL and Porsche Insurance.

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(Photo source: Altex Romania)

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