OTP in talks with Carabulea over controlling interests in Carpatica

OTP Bank, the biggest Hungarian financial group is in advanced talks with Sibiu-based businessman Ilie Carabulea to buy the controlling interests in Carpatica, one of the few banks privately-held by Romanian shareholders, sources on the financial market say.
“OTP group bosses met with Ilie Carabulea and his advisors and made him an offer for a stake of 70% in the bank,” the quoted sources say.
Carabulea is the biggest individual shareholder of Carpatica, as he owns 36.4% in it. Alin Albu owns 10%, while the remaining 53% are divided among smaller shareholders, according to the latest data published by the Central Depository. Atlassib, a company controlled by Carabulea, for instance, owns 4% in the bank.
When contacted by ZF for comment, Ilie Carabulea answered that the information about the talks with OTP was “an alarmist rumour”. OTP Bank officials did not provide any comment.
Carpatica is listed on the Bucharest Stock Exchange, (BCC stock symbol), having last traded at 0.1010 RON/share, which puts the market value of the bank at 230.3 million RON (55.7 million euros). The quoted sources say the Hungarians’ offer values the bank close to its market capitalisation.
The talks between the Hungarians and Carabulea took several months during which OTP even conducted the due diligence at the bank.