Gelsor Group several weeks ago sold the 63% main stake it held in Banca Romana de Scont (BRS) to Dramiral Group, controlled by businessman Mihai Iacob.
In order to take over the above-mentioned stake, Dramiral must obtain the authorisation of the National Bank of Romania (NBR), with the specific documentation having already been submitted to NBR.
If the transaction is approved, the anticipated merger between BRS and the Investment and Development Bank (BID) will no longer take place. BID is indirectly held by businessman Sorin Ovidiu Vantu.
"We sold the shares because we got a very good deal," said Sorin Freciu, president of Gelsor Group. He would not disclose the transaction value.
Gelsor Group was built by Sorin Ovidiu Vantu and now holds 200 billion ROL in capital. The group is no longer juridically held by Sorin Ovidiu Vantu, as it was sold to attorney Ion Chelaru last year. According to Vantu, the sale contract comprises a buyback clause.
Mihai Iacob is a Iasi-based businessman operating in several fields, among which the oil and media sectors. Dramiral took over "Monitorul" (a network of local papers) and "Curentul" daily, under the franchise system. These publications were indirectly held by Gelsor.
"The BRS sale is strictly business, it is not a formal transfer. There is no ulterior buyback clause regarding the stake. We do not have any other connections with Mihai Iacob or Dramiral for that matter," Freciu said.
According to banking sources, Mihai Iacob has been present at BRS everyday for the past three weeks, and last week he told the bank staff that he was the new owner. "Mihai Iacob comes in early every morning and leaves late at night. He is checking all the papers," the above-quoted source maintained.
BRS is the former Brasov-based Astra bank, which was taken over by Gelsor SA in 1998, following a share capital increase. Gelosr SA is owned by Gelsor Group.
Gelsor has tried before to sell its stake in BRS. "Right now, the only concrete offer came from Dramiral," Freciu added.
Last fall, Financial Investment Companies (SIF) Transilvania and Oltenia, together with the bank's founding companies, tried to take over the main stake from Gelsor, but the transaction fell through.
The idea of a BRS-BID merger emerged at the beginning of the year and it was approved by the two bank's shareholders this summer, but the deal seems to have failed following the latest events.
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