APAPS announces end of talks for 25% in BCR

After a time of silence, the Privatisation Authority (APAPS) on Wednesday announced the conclusion of the talks with EBRD and IFC on completing the transaction for the sale of 25% plus two shares in Banca Comerciala Romana (Romanian Commercial Bank – BCR). The last two documents signed were the Shareholders’ Agreement and the Sale Option Contract under which the EBRD and IFC will be able to sell their stake back so that the controlling interests could be rebuilt when a strategic investor is found or in case they want out of BCR for certain reasons. “The signing of the documents thereby, all the writs under APAPS’ jurisdiction have been finalised,” the representatives of the institution say. Adriana Tran, APAPS spokesperson says she has no information as to the appointment of EBRD and IFC representatives to the Board of Directors, albeit the topic was discussed during the latest negotiations. The sure thing is that EBRD and IFC will not pay for the shares they bought in BCR unless they appoint their own people and therefore control the restructuring of the bank. ZF