BRD Soc-Gen sells 25% of Asiban

BRD-SocGen, the second largest bank in the system, announced on the Stock Exchange on Monday that it intended to sell the 25% stake it holds in the insurance company Asiban, with the transaction to be completed by the end of this year or the beginning of 2008. The information has been circulating on the market for several months now, but so far, no official announcement has been made. “Behind this decision is the bank’s strategy of focusing on banking services and the need to find a strategic partner for Asiban,” reads the bank’s release. The value of the 190,000 shares held by BRD-SocGen in the insurance company accounts for 0.9% of the bank’s assets. Asiban’s other shareholders: BCR, CEC and Banca Transilvania, each with a 25% stake, also went public with their intention of selling their shares a few months ago. The sales consultant selected by the four banks is the European investment bank Rotschild, and the legal side of the transaction is covered by law firm Tuca Zbarcea & Asociatii (Tuca Zbarcea & Partners).