Bancpost says it moved 68m RON from local funds to two funds in Luxembourg

Bancpost says the 68 million RON withdrawn from the two mutual funds managed on the Romanian market were placed in two Luxembourg-based funds held by majority shareholder EFG Eurobank, which will reinvest the money on the Romanian market.

In response to the article “Greeks at Bancpost withdraw 68 million RON from mutual funds” published yesterday in Ziarul Financiar, according to which Greek group EFG Eurobank, majority shareholder of Bancpost, withdrew 68 million RON (16.5 million euros) from the two mutual funds managed by the local division EFG Mutual Funds Management, Bancpost officials say “the withdrawal mentioned in the article occurred following an internal decision by Bancpost, and by no means had Eurobank EFG behind, which in fact does not have, nor did it in the past have financial placements in the two investment funds managed by EFG Eurobank MFM Romania SAI SA. Following the transaction, Bancpost withdrew its investments in local funds, and the resulting sums were reinvested in two “umbrella funds” set up back in mid-2008 by Eurobank EFG, and based in Luxembourg, with the funds to invest the assets exclusively on the Romanian financial market.”