Surprise deal on the banking market. Banco Portugues de Investimento (BPI) suddenly decided to withdraw from the Romanian banking system and sold its 17% stake in Banc Post.
The buyer is none other than the Greek EFG Eurobank Ergasias bank, which was willing to pay another 23 million euros to acquire control of Banc Post.
This deal will enable the Greek group, which already owned 36.25% in Banc Post to control the bank and be therefore allowed to apply its own strategy. Banc Post is one of the banks that have a most scattered shareholding structure, as it has no less than 9 shareholders.
"This is one more proof that our significant shareholder EFG Eurobank is serious about investing in Banc Post and implicitly on the Romanian market," Elena Petculescu, Banc Post chairperson told Ziarul Financiar.
BPI bought into Banc Post as early as 1998, when it joined General Electric Capital Corporation (GECC) in the consortium, which bought 45% in Banc Post from the State Ownership Fund (SOF). GECC decided to decrease its stake from 35% to 8.75% in 2000, so that Banco Portugues de Investimento bought another 7% and came to hold 17%.
The Greeks at Eurobank have invested nearly $60 million in Romania so far in acquiring the controlling interests in Banc Post alone. The announcement about this deal was made, coincidentally or not, at the same when a delegation of the Greek group headed by Nicholas Nanopoulos, Eurobank's executive chairman was visiting Romania. The Greeks met, among others, with Romanian President Ion Iliescu himself.
Banc Post is now the 7th bank in Romania in terms of assets. It posted gross profit of 170.6bn ROL (nearly 5 million euros) in five-month gross profit, as well as 144bn ROL (3.8 million euros) in net profit. oana.nuta@zf.ro
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