Petre Szel, chairman Muntenia Invest, the company that managesthe assets of financial investment company SIF Muntenia (SIF 4)explains the sale of BRD shares through the need to meet thebudgeted profit indicators, as well as the need to secure cash forother investments.
"We need money for other investments, but things on the market havechanged somewhat from other years. Transactions with banks' sharesare feasible and even necessary. The yield on BRD dividends islower than the deposit interest. So, it is more profitable to keepthe money in the bank than in shares," explained Szel.
Currently, the yield on the BRD dividend is around 2-3% a year,while the bank pays 5.5% interest on one-year RON deposits ofcorporate entities.
SIF Muntenia yesterday sold 5 million BRD shares in two specialtransactions, accounting for 0.71% of the bank's shares, for whichit collected 60 million RON (14 million euros). The buyers wereforeign investors, advised by UniCredit CA IB Securities, withseveral foreign investors believing BRD shares are currently someof the most attractive in the financial sector in the region.Broker Cluj was the seller's adviser.
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