NBR analysing Bank of Cyprus' request to go up to 20% in BT

The National Bank is already analysing Bank of Cyprus' request to approve its raising the stake it holds in Banca Transilvania from 10% to 20%, with the answer due to come in three months since necessary documents are completed at the latest, says Nicolae Cinteza, head of the Supervisory Department. "We are already close to the end, but we've asked for some additional documents," stated Cinteza. The Cypriot group yesterday announced it had already got the go ahead from the supervisory authorities of Cyprus to double its interest in BT. Bank of Cyprus, which is starting to expand its regional presence, in December acquired 9.99% in BT stock, through deals sealed on the Bucharest Stock Exchange, maintaining it was a "financial investment". Horia Ciorcila, chairman of BT's Board of Directors and a major individual shareholder in the bank, states he has received no formal notification from Bank of Cyprus. For the time being, the most important single shareholder in BT is the EBRD, with a 14.6% stake.