Bancpost, which according to NBR data climbed to fifth place in the bank ranking in terms of assets at the end of September, is starting to prepare for resuming foreign currency lending, given that its shareholders are to approve a 12.5 million-euro capital increase on November 23, in addition to issuing premiums for the new shares up to 80 million euros.
According to the announcement convening the general meeting of shareholders, the existing shareholders will be able to subscribe 250,480,000 new shares, with a par value of 0.18 RON each. The subscription price should be 1.14 RON, with the difference between this and the par value treated as issue premium.
The operation should be concluded by February 2006.
Most of the money, 50.16 million euros, will be contributed by the majority shareholder, the Greek banking group Eurobank, which upped its stake in Bancpost to some 62.7% this summer.
EBRD and IFC, which became Bancpost shareholders in the autumn of 2004 through the conversion of some loans, each hold 7.28% in the bank. The other shareholders are SIF Banat-Crisana, SIF Transilvania and SIF Oltenia, with 5.1339% each, and several individual shareholders totalling 2.1561%.
The four financial investment companies (SIF) that still own a stake in Bancpost are being called on to jointly contribute 16.4 million euros in order to participate in the capital increase if they want to maintain their current stakes. SIF Muntenia chose to sell its stake in an offer made by Eurobank to all of the five SIFs last year.
This July, Eurobank concluded the transaction by which it bought General Electric Capital Corporation''s stake of 7.4762% in Bancpost.
The Greeks therefore upped their stake from 55.3% to 62.7% after having acquired SIF Muntenia''s 5.13% last autumn, according to their strategy to consolidate their majority position in Bancpost. Eurobank intends to buy the stakes held by EBRD and IFC, as well, next year.
Following the capital increase operation, the share capital of the bank will reach 201.8 million RON (55.3 million euros). razvan.voican@zf.ro
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