The Bank of Cyprus financial group, with 40bn-euro assets, halfthe size of the Romanian banking system, has surprisingly abandonedits plan to raise its stake in Banca Transilvania (BT) from 10 to20%, saying it is reconsidering priorities. "After reconsideringits priorities, Bank of Cyprus group decided to withdraw therequest sent to the NBR seeking approval for its plan to raise thestake in BT to 20%," the group's representatives said yesterday.Banking sources state the group's decision was supposedlyinfluenced by certain signals issued by the EBRD, the mainshareholder in Banca Transilvania with 14.6% in its stock, which iswaiting for an investor of a different size that would buy into thebank on the basis of a bid selection, and not through minoritypurchases on the stock market. At the same time, the EBRD has notvoiced interest in exiting BT shareholder structure at this moment,when the stock price has dropped considerably, the more so as thebank is currently one of the most dynamic players on the market.
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