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Romanian financial company SIF Oltenia gets another EUR 600,000 from selling stake in Bancpost

SIF Oltenia, one of the five Romanian financial companies known as SIFs, will receive another 600,000 euros from selling stake in lender Bancpost, the transaction amounting this way to 12.75 million euros, according to the company's vice president, Tudor Ciurezu.

The investment fund will cash in the money by July 15.

There was a clause in the initial contract through which the company assured its protection as investor, there was no renegotiation, Ciurezu explained.

SIF Oltenia (SIF5) sold its 3.49 percent stake in Bancpost at the beginning of June for 12.15 million euros, amount that should have been paid in two installments.

The company decided to sell the share package to Bancpost's majority owner EFG Eurobank as the lender did not pay dividends in the past years, according to Florin Buzatu, one of the board members of SIF5.

Bancpost is majority owned by EFG Eurobank, with 98.5 percent of the share capital. Four investment funds (SIF Banat-Crisana, SIF Moldova, SIF Transilvania and SIF Oltenia) owned a cumulated 14 percent of the bank's shares, but decided to sell participations.

The EFG Eurobank group reported a net loss of 4.1 million euros in the first quarter from its business in Romania. The total assets managed by the Greek group in Romania amounted to 6.066 billion euros at the end of the first quarter, up 35 percent on the similar period last year.

 

Sursa: http://www.newsin.ro

Tags: sif euros bancpost oltenia company stake

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