Banca tiriac increases capital

The shareholders of Banca tiriac – the most significant of which is the group of companies held by businessman Ion tiriac, have decided to increase the share capital of the bank by nearly 12 million euros, with the money to be used especially for increasing retail exposure. The share capital of the bank will therefore increase from 664.2bn ROL (17.4 million euros) to 1,097.4bn ROL (some 28.8 million euros). This increase was actually decided a while ago – and endorsed by the shareholders in the annual General Meeting in March, but not turned into effect until now. Meanwhile, the amount of money involved has increased, as the shareholders approved supplementary funds worth nearly 50bn ROL (nearly 2 million euros). Why is that? “Because in the first four months of the year we did much better than expected on the retail segment and this is precisely why the shareholders decided to supplement funds. Furthermore, the new strategy of the bank for 2003-2005 has been completed and we plan to consolidate our position on the retail segment in the short-term,” Anthony van der Heijden, Banca tiriac president said. ZF