The biggest local banks have from the very start lost thechance to broker the biggest share sales offering in the history ofthe Bucharest Stock Exchange, with five consortiums left in therace.
The consortium consisting of BCR (the biggest local bank), JPMorgan (one of the top American banks) and Intercapital Invest (themost active independent broker on the Romanian market), created inview of brokering the sale of a 9.84% stake in OMV Petrom (SNP),was disqualified by the selection committee in the Economy Ministrythrough OPSPI (Office for State's Interests and IndustrialPrivatisation) because the documentation submitted did not meetcertain requirements of the tender documents, according to marketsources.
The decision comes as a shock considering that BCR and JP Morganwere considered, at least at first sight, among the favourites.
BCR and its American partner have, however, lost the chance tobe finalists in the race to choose the broker the Petrom offering,which could bring the state over 500 million euros, and brokers acommission of 4 or 5 million euros.
Neither representatives of BCR nor those of OPSPI, whichcoordinates the process of selecting the broker, could be contactedfor comment.
BCR's disqualification comes after BRD, the second-largest bankon the Romanian market, was eliminated from the very start citingthe fact that it had submitted its bid after the deadline. BRD wasin a consortium with French group Société Générale, its majorityshareholder, and with American group Citibank.
Five consortiums are now left in the race to broker the Petromsale: Raiffeisen with Morgan Stanley (US), Unicredit with GoldmanSachs (US), ING with UBS (Switzerland), Alpha Bank with Nomura(Japan) and Renaissance Capital (Russia) with BT Securities, EFGSecurities and Romcapital. The winner is set to be announcedtoday.
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