The US financial group Citigroup and investment fund Texas Pacific have indicated they may take part together in the privatisation of Banca Comerciala Romana (BCR), according to Gabriel Zbarcea, the chairman of the State Asset Resolution Authority (AVAS).
"I met with the Citigroup representatives last week and they be might submitting a letter of intent together with Texas Pacific," said Zbarcea.
The AVAS chairman went on to explain that he had been in talks with officials from the French bank Credit Agricole, and the consultants for Dexia Bank in the privatisation of CEC (Savings Bank) confirmed that the French-Belgian bank was also considering a bid for BCR.
Zbarcea has another meeting scheduled with officials from Portugal''s largest bank, Millennium BCP (Banco Commercial Portugues SA).
By mid June six international banks had formally expressed an interest in taking part in the privatisation for what is Romania''s largest bank, including Banca Intesa, Deutsche Bank, Fortis and BNP Paribas.
Investors wishing to participate in the BCR privatisation have until July 7 to submit letters of intent, with final bids to be submitted by September 19 at the latest.
The winner of the privatisation process will be able to take over 50% plus one share or 61.8825%.
All the letters of intent must include the applicants ''latest audited financial statements and reports; a brief description of their operations in Central and Eastern Europe and in Romania (if any), as well as their reasons for investing in BCR; a list of all their shareholders holding more than 10%; and, if the investor is a consortium, details of its structure, the roles of its members and the percentage of BCR share capital each member will receive.
Investors must also specify in their letters of intent how much they intend to buy in the Romanian bank, and can choose between either 396,234,376 nominative shares totalling 50% plus one share or 490,399,321 nominative shares representing 61.8825%. If the larger stake is sold, the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) will relinquish their interests completely (each currently holds 12.5% plus one share).
If the smaller stake is chosen, AVAS will sell its 36.8825% minus two shares, with the two international financial institutions making up for the rest up to 50% plus one share.
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