BCR will not pay any dividends out of the 2010 net profit

Despite a provision within its bylaws which requires BCR to pay out at least 40% of its profit, the SIFs have probably waived this right in order to avoid an equity call from the bank. Moreover, BCR will perform a 1:13 shares split and issue stock dividends out of its 2010 RAS net profit of RON 55 mn. We view this piece of news as neutral for the SIFs since the market has probably expected this outcome.

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