ATEbank, the fifth largest bank in Greece is negotiating a contract to take over the controlling interests in MINDBank, one of the smallest banks in the system, in an attempt to catch the last train to the Romanian market.
"ATEbank has signed a preliminary agreement to take over the controlling interests in MINDBank. ATEbank is currently engaged in the due-diligence process, in order to complete the transaction within one month," an announcement on the website of the Greek bank stated.
After all, expansion to the markets in the Balkan, Black Sea and Eastern Mediterranean region is regarded by the bank as a strategic direction, and is to be done by either organic growth or acquisitions.
Banca pentru Mica Industrie si Libera Initiativa - Mindbank started operating on October 1, 1990, and is one of the first private banks established in Romania. Despite the head start, MINDBank failed to develop and held 81 million euros in assets in December last year, which is only 0.2% of the market. The territorial network of the bank now comprises 13 branches, in major cities across the country. The net profit of the bank rose by 155% in RON last year, to 6.9 million RON (the equivalent of 1.9 million euros).
The sale of the bank was made difficult by the severe shareholder dispersion, as the bank is held by several thousand individuals, as well as legal entities, members of the UCECOM cooperative. In order for a majority stake to be put together, a Coordination Committee was appointed comprising seven individual shareholders, who cumulate 51.82% in the bank through their own stakes and through proxies. The committee members are Vasile Petrescu, Succari Khaled, Dan Cojocaru, Petrescu Emil, Mircea Nastase, Ion Paraschiv and Stefan Margineanu.
ATEbank (the Agricultural Bank of Greece) was established in 1929 and was floated on the Stock Exchange in Athens in 2000.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
