Bancpost prepares to sell pensions and bonds

The shareholders of Bancpost, the sixth largest bank on the market, have decided in favour of having the institution’s business expand by including the distribution of fund units of pension funds, as well as fund and pension fund depositary operations. BCR shareholders are also to make a similar decision some time this month, while BRD-SocGen took this step as early as last autumn. Bancpost shareholders also gave their approval for the issuing of bonds in RON, of up to a sum equivalent to 500 million euros, in instalments with a maturity of up to 10 years from the issue date. Among the big banks, it was the BCR and then the BRD, which beginning last autumn, issued bonds in RON in order to ensure longer term resources, that is for 3 and 5 years respectively. Under the circumstances, Bancpost bonds will have the longest maturity, being able to give an important indication as to the price of the ten-year maturity. It remains to be seen whether the bonds will be issued on the domestic market or on the foreign one. The setting of the terms and conditions regarding instalments and coupons falls upon the Board of Directors.