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August 9th, 2005 Foreign investments up 35% in the first half of 2005
The Romanian Agency for Foreign Investment aims at attracting a volume of foreign direct investments of EUR 3.2 bln - EUR 3.8 bln. August 9th, 2005 CEC expects letters of intent for its privatization by August 31st
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The strategy aims at law and institutional adjustment, the adoption of the EU practices in the field and at streamlining efficiency, transparency and competitiveness of the public procurement system. August 8th, 2005 Romanian Competition Council endorses HVB Tiriac
The merger of HVB Bank and Banca Tiriac resulted in the 4th largest player on the Romanian banking market. August 7th, 2005 Romanian government approves setting up of Holocaust institute
The main activity of the institute is the research into and the examination of the Holocaust. August 4th, 2005 Austrian Chancellor voices conviction that Romania and Bulgaria's accession to EU will happen on January 1, 2007
The themes of interest for the Austrian presidency of the EU - the development of the Danube infrastructures - is advantageous for Romania’s accession to the EU and its economic development. August 2nd, 2005
Romanian bank BCR ready for privatization July 28th, 2005 New harsher law to fight tax fraud
Fiscal evasion will be punished by jail July 26th, 2005 Romania's GDP estimated to advance 8.3% in 2005
Romania's industrial output is expected to advance 5.7% in 2005, while agriculture output is projected to grow by 2.8%. July 6th, 2005 Conditions for foreign direct investment in Romania to be improved
Romanian Agency for Foreign Investments and Foreign Investors Council work together to identify the investment priorities for each area and grant more facilities to investors |
News - full article
August 2nd, 2005
Romanian bank BCR ready for
privatization
A number of leading international banks are vying for a strategic stake in Central and Eastern Europe’s (CEE) rapidly expanding banking economy by bidding for a major shareholding in Romania’s largest bank, Romanian Commercial Bank (BCR).
Ten European banks have been shortlisted as potential buyers of BCR, which has more than €6 billion in assets, operates 41 county branches and 284 other units, and employs 12,000 people. Its sale will be Romania’s largest privatisation project.
Four of the shortlisted banks already hold substantial banking assets in Central and Eastern Europe – Erste Bank (33% of its assets), KBC (31.9%), Banca Intesa (17.3%) and ABN AMRO (3.8%). The other potential buyers – Fortis, Banco Commercial Português, National Bank of Greece, Deutsche Bank, and BNP Paribas – are major international and national players.
President of AVAS (privatization agency of the Authority for State Assets Recovery) Gabriel Barcia said: "AVAS will concentrate on obtaining a fair price reflecting the value of BCR and we (AVAS…) are determined to select an investor who will ensure the future development of this bank."
The ten shortlisted banks have to submit a financial and technical proposal until 19 September, outlining their business strategy for developing BCR. The successful bid will be announced before the end of the year.
The Romanian government is looking to sell its own 36.8% stake in BCR along with the holdings of the European Bank for Reconstruction and Development and the International Financial Corporation, which own 12.5% each, plus one share. BCR employees own 8% of the bank and other investors hold an additional 30%.
The acquisition of BCR will provide the new owner with a massive foothold (25% of Romanian banking assets) in Romania, a country which experienced asset growth of 53.5% between 2003 and 2004 – the fastest rate in the region.
(Source: European Banker; This Article is featured on the Lafferty.com Homepage)
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