Greek bank EFG Eurobank Ergasias will acquire the residual Banc Post stake (17%) held by the Romanian state by March 15, 2002, thus becoming the main shareholder of the bank.
Banc Post has a rather dispersed shareholding structure, with no less than ten shareholders (among which the five financial investment companies). This became apparent in its market strategy, which is not very concrete yet.
Final negotiations and discussions on the last details between the Greeks and Romanian authorities will begin next week. The Greek officials will also come to Bucharest to attend the General Assembly of Banc Post Shareholders.
EFG Eurobank last year bought 19.25% in Banc Post capital, following a transaction through which General Electric Capital Corporation decided to sell 26.25% in Banc Post to the Greek bank and Portuguese bank Banco Portugues de Investimento.
"The management of EFG Eurobank Ergasias and Romanian Privatisation minister Ovidiu Musetescu met in Greece and signed a memorandum of understanding regarding continued privatisation at Banc Post, by increasing the stake held by the Greek bank by 17%. The signing of this memorandum is a very good thing, as we may start talking about the privatisation of Banc Post," Banc Post president Elena Petculescu told Ziarul Financiar.
The bank is also expecting the decision of the two international financial institutions, International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) regarding the conversion into shares of the loans granted to the bank.
In 1998, IFC and EBRD granted Banc Post two $10m loans, convertible into shares, which are maturing in 2001.
The decision of Eurobank officials hardly came as a surprise, since they were expected to become more involved in the Romanian business. Greek banks have increased their activity in Romania lately, launching new products and services and expanding their territorial network.
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