Another building in similar straits is the more recently started behind Palatul Telefoanelor (Telephone Palace; a building of the same name exists in Bucharest), built by Romtelecom (the national, public phone company), who could not afford to finish the building and auctioned it off. It was bought by Banca Transilvania for 3 million euros. The financial institution announced it will be used as a "banking café" (Romanian: "cafenea bancară"), the first of its kind in Cluj (however, since the announcement a rival bank, Banc Post, opened such a café).