After two failed attempts to find a major buyer for Romania's largest bank - Banca Comerciala RomAâsna (Romanian Commercial Bank - BCR), but still under pressure from the International Monetary Fund (IMF), the Government has come up with a compromise solution.
Privatisation will be resumed this year, with the first stake to be sold to the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), the World Bank's investment arm.
The two institutions had voiced interest in buying BCR shares last year, provided they were invited to do so. The authorities are planning to offer 10% stakes to the EBRD and IFC, although the previous privatisation strategy stipulated the sale of only 5% to each of the two institutional investors.
The International Finance Corporation has already allotted 75 million dollars for a stake in Banca Comerciala RomAâsna. The largest Romanian bank is assessed at 1.5 billion dollars.
According to Government spokesperson Claudiu Lucaci, the International Monetary Fund is keen to see the BCR privatisation start with the EBRD and the IFC, until the arrival of a strategic investor. "The Government is also looking forward to negotiations with the EBRD and the IFC in view of the BCR privatisation," Lucaci said.
The BCR privatisation strategy stipulated the sale of at least 51.8% to a strategic investor, 10% to the EBRD and/or IFC, by direct negotiations and 8% to the association comprising BCR employees, members of the bank's Board and people who used to work for the Romanian Commercial Bank.
BCR last year posted net income worth 180 million dollars, as the bank accounts for more than 33% of the Romanian system's assets.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
