The Government has decided that the sale of 8% in the largest bank in Romania, Banca Comerciala Romana (Romanian Commercial Bank - BCR) will be done at 10,350 ROL/share. The contract to sell the 8% to employees will begin as soon as EBRD and IFC finish paying for their stake. Although EBRD and IFC struck a deal with the Romanian State to buy 25% in BCR for $222 million as early as the end of last year, the two institutions have yet to pay for their stake. The price paid by BCR's employees is a very good one, considering EBRD and IFC will be paying $1.13 (37,000-38,000 ROL) per share. The payment of the $222 million is conditioned to a change in BCR's statute, mainly by separating the administrative from executive management positions. The changes will be endorsed by the General Meeting of Shareholders on April 23. Third and final stage of BCR's privatisation is finding a strategic investor to buy the controlling interests. ZF
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