Broker to be involved in several mergers

Broker Cluj, the only financial brokerage firm listed on the Stock Exchange, is contemplating a series of mergers in order to consolidate its position on the market, primarily because of Romania”s accession to the European Union, its representatives say. Broker had announced at the beginning of last year that it was preparing a series of mergers or takeovers, but they have yet to take shape. The chairman of the company, Petru Prunea, however, has recently told Mediafax that the company”s development plans include “a series of mergers that are to take place in the future”. Contacted by ZF, the management of Broker did not wish to make any further comments for the time being. At the beginning of 2005, Broker had announced that it intended to merge with another independent broker, Eldainvest from Galati, but talks between the two companies were unfruitful. The merger”s aim was to increase the company”s share on a market where specialised divisions of banks are gaining ground and to prepare for EU accession, given that after the integration, any company authorised in the EU will be able to broker transactions on the Romanian capital market. ZF