Commerzbank, Germany's fourth-largest bank, is looking at several options to develop its Romanian-based business. The Germans are mulling the takeover of the main stake in RoBank, owned by Britain's Balli Group, market sources say.
RoBank was put up for sale by Balli several months ago, with two or three financial groups having voiced interest in the bank, including OTP (Hungary), the quoted sources say.
OTP has been trying to buy a bank in Romania for some time, and at some point attempted to take part in the privatisation of the Romanian Commercial Bank (BCR) or, according to market sources, to take over Banca Transilvania. OTP is now in talks over the main stake in Banca Tiriac, as well.
Balli Group holds 51.5% in RoBank, both directly and through the Anglo-Romanian Insurance. According to estimates, the bank is worth more than $50 million.
RoBank is among the last Romanian banks that have not been taken over by an international financial group yet, which makes it one of the few acquisition opportunities for a strategic investor.
RoBank has one more significant shareholder, Turkish businessman Mustafa Bayraktar, who holds a 45.5% stake. According to market information, Bayraktar is not planning to sell his stock.
Although the talks are being carried in London, where Balli is headquartered, Commerzbank officials have already come to Bucharest several times, for talks or analyses in view of the RoBank acquisition, the quoted sources claim.
KPMG is advising the British group on the transaction.
RoBank and Commerzbank representatives would not comment on the sale rumours.
Commerzbank opened an office in Romania several years ago. The bank has repeatedly tried to broker international bond issues for the Romanian Sate, but failed.
The Romanian banking market has seen another two big transactions this year: the National Bank of Greece bought Banca Rom=neasca (Romanian Bank) from the Romanian American Enterprise Fund (RAEF), whereas Libra Bank was taken over by American investment fund Broadhurst.
Furthermore, businessman Ion Tiriac has said he is looking for a strategic partner at Banca Tiriac and is now in talks to sell his majority stake. According to market information, HVB Bank (Germany's biggest bank) and OTP are among the investors interested in Banca Tiriac.
RoBank was established in 1995 and now has 425bn ROL capital. The bank has 10 subsidiaries and posted gross profit worth 236.12bn ROL ($7.05m) last year. Equity went up 31.2%, to 752.2 billion ROL.
Balli Group is an international group of companies, headquartered in London, with offices in more than 20 countries. The group operates in various fields.
Balli entered Romania in the mid '90s, when it came across as one of the most powerful foreign investors. Besides RoBank, the group also holds alumina plant BBG Alum Tulcea, the harbour operator Comvex Constanta, the Anglo-Romanian Insurance and several joint-ventures with Romanian companies.
Banking group Commerzbank operates in investment management, brokerage and counselling.
laurentiu.ispir@zf.ro
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