SIFs might not receive any dividend from BCR

Otherwise, the Romanian bank will have to undergo a EUR 100-120 mn share capital increase. Under the privatization contract, the SIFs are entitled to receive 40% of BCR's net profit as dividends until the listing of the bank. For 2008 when BCR's bottom line was boosted by several one-offs, each SIF received RON 43 mn (EUR 11.3 mn) as dividends. According to the same sources BCR's 2009 net profit under IFRS was RON 886 mn (EUR 211 mn) and only RON 200 mn (EUR 47.5 mn) under RAS. On the other hand, the CEO of SIF2 said that the investment company is envisaging itself a share capital increase without mentioning the amount.

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