Bancpost says the 68 million RON withdrawn from the two mutualfunds managed on the Romanian market were placed in twoLuxembourg-based funds held by majority shareholder EFG Eurobank,which will reinvest the money on the Romanian market.
In response to the article "Greeks at Bancpost withdraw 68million RON from mutual funds" published yesterday in ZiarulFinanciar, according to which Greek group EFG Eurobank, majorityshareholder of Bancpost, withdrew 68 million RON (16.5 millioneuros) from the two mutual funds managed by the local division EFGMutual Funds Management, Bancpost officials say "the withdrawalmentioned in the article occurred following an internal decision byBancpost, and by no means had Eurobank EFG behind, which in factdoes not have, nor did it in the past have financial placements inthe two investment funds managed by EFG Eurobank MFM Romania SAISA. Following the transaction, Bancpost withdrew its investments inlocal funds, and the resulting sums were reinvested in two"umbrella funds" set up back in mid-2008 by Eurobank EFG, and basedin Luxembourg, with the funds to invest the assets exclusively onthe Romanian financial market."
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