The shares of Banca Comerciala Romana (BCR) should be listed on the Bucharest Stock Exchange next year or in no more than two years, because this is one of the most profitable Romanian companies and would help build the critical mass the capital market needs, the bank''s executive chairman Nicolae Danila said.
"The bank needs to float not only to provide an opportunity for the current shareholders to exit. BCR would mean the necessary critical mass for the Romanian capital market, given that we are now getting ready to launch pension funds and develop other instruments, such as mortgage bonds," BCR''s chairman explained. Danila would like floatation on the domestic market mainly, albeit the size of the bank qualifies it for floatation on a foreign stock exchange.
"I would like a greater share (of the stake floated i.e.) to be (available) on the domestic market, because I know every Romanian would be buying the stock of a profitable company, let alone BCR. We have developed in partnership with the market and it would be a nice present for those that are our customers," the bank''s official said.The statement comes at a time when the bank''s privatisation is in its final stages, with the two finalists being Erste Bank (Austria), and Millennium-Banco Comercial Portugues (BCP).
According to an agreement among shareholders, BCR''s buyer will have the obligation to float the bank within three years from takeover, to cancel the provision about having to secure a majority of 75% to get most decisions approved during the general meeting of shareholders.
At the same time, the agreement stipulates the majority shareholder has to grant dividends of at least 40% of the net profit for the entire duration until floatation.
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