Is BCR planning to give up stake in Omniasig?

Latest news on the insurance market say Banca Comerciala Romana (Romanian Commercial Bank-BCR) is planning to give up its stake in Omniasig, the second leading insurance company last year. “There must a bit of truth to this.

They may back out, especially since they announced their plans to set up their own insurance company,” Fanel Plopeanu, Omniasig’s vice-president and general manager told Ziarul Financiar. He says that it is BCR’s choice to withdraw from Omniasig, but the company has not been officially notified about BCR’s possible intention.

“Omniasig has a good position on the insurance market, has good financial results, while BCR’s participation in the company’s shareholding structure is regarded as a good financial investment by the management.

Therefore BCR has no intention of giving up this investment,” said Cornel Cojocaru, BCR’s spokesman. On the other hand, Fanel Plopeanu says a meeting of Omniasig Board of Directors is scheduled for this weekend, which is supposed to debate the relations with BCR, as well. Sources in the company say the bank has done very little for the development of Omniasig.

BCR holds 22% in Omniasig, which it “inherited” from the late Bancorex. At the same time, the bank also holds 20% in Asiban Insurance Company and would rather keep it over Omniasig, the quoted sources say. The company has been controlled by TBI Holding investment group since July 1999, which holds 51% in it. TBI’s main shareholders are Deutsche Bank and the Israeli investment fund Kardan.

The European Bank for Reconstruction and Development bought a significant stock in TBI Holding last year, as well. A capital increase operation at Omniasig is currently in progress and is scheduled to be done by the current shareholders, according to Fanel Plopeanu.