Eurobank, the group owning the majority stake in Bancpost, has said it is willing to buy the stakes held by four SIFs (financial investment companies) in the bank. This way, the Greek group is looking to consolidate its position, George Michelis, general manager of Bancpost, told Ziarul Financiar.
"Of course, the decision rests with the SIFs. Eurobank also owns an option to purchase the stake held by GE Capital (8.75%), which will be used in 2005," says Michelis.
SIF Muntenia last week completed the sale of 5.134% in Bancpost to EFG Eurobank, with the value of the deal amounting to 9.589 million euros.
Despite having received purchasing offers from the Greek shareholder of the bank, the other SIFs are not considering selling their stakes, which went down from 6% to 5.1% in the wake of the latest capital increase.
"The sale of Bancpost shares was discussed during a meeting of the management board, when it was decided that the offer would not be accepted, as the price was deemed too small," says Florian Firu, economic manager with SIF Transilvania. Representatives of SIF Banat-Crisana and SIF Moldova also told Ziarul Financiar that they did not plan to sell their stakes in the bank. The management board of SIF Oltenia has not discussed the offer as yet, but the decision is likely to be a negative one, according to a member of the board.
EFG at present holds 56% in stock of the Romanian bank. Until discussions with the other shareholders are clarified, Eurobank will move ahead with its investment programme aimed at Bancpost.
razvan.voican@zf.ro ; vlad.nicolaescu@zf.ro
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