The National Bank is already analysing Bank of Cyprus' requestto approve its raising the stake it holds in Banca Transilvaniafrom 10% to 20%, with the answer due to come in three months sincenecessary documents are completed at the latest, says NicolaeCinteza, head of the Supervisory Department. "We are already closeto the end, but we've asked for some additional documents," statedCinteza. The Cypriot group yesterday announced it had already gotthe go ahead from the supervisory authorities of Cyprus to doubleits interest in BT. Bank of Cyprus, which is starting to expand itsregional presence, in December acquired 9.99% in BT stock, throughdeals sealed on the Bucharest Stock Exchange, maintaining it was a"financial investment". Horia Ciorcila, chairman of BT's Board ofDirectors and a major individual shareholder in the bank, states hehas received no formal notification from Bank of Cyprus. For thetime being, the most important single shareholder in BT is theEBRD, with a 14.6% stake.
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