SIF Moldova has sued BCR and Erste Group on profit distribution

BCR's 2010 net profit under RAS amounted to RON 55.4 mn. The first hearing in this matter will be on October 4, 2011. SIF2 has recently voiced its discontent about BCR situation, with no dividends paid for the past two years and the bank's shares not listed. We remind that according to the bank's bylaws, BCR has to pay 40% of its annual profit as dividends until its listing. We used to believe that SIFs and BCR have reached an agreement so that BCR would not pay dividends as long its profitability is weak to avoid an equity call. On the other hand, the trial could force a decision on BCR's listing, which should be positive for the SIFs.

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