Russian takes over Banca Unirea leadership

Alexei Voskoboi on Wednesday night was chosen chairman of the Board of Directors of Unirea commercial bank, after a consortium of several investors took over the controlling interests in the bank.

The consortium bought 84% in Unirea from Banca Populara Romana (Romanian People’s Bank- BPR) credit co-operative. The investors also took over BPR, which is now going through difficult times.

“All the investors that come from Russia, the Republic of Moldova, Malaysia, Switzerland and Singapore, hold less than 5% in Banca Unirea, so there is no need for the National Bank to endorse the transaction,” Emil Botea, BPR president, told Ziarul Financiar.

The consortium was led by a Russian bank, the Moscow-based Investment and Technology Bank, licensed by the Central Bank of Russia to operate. Unirea’s takeover is the first Russian investment in the Romanian banking sector.

The deal is extremely interesting, as Alexei Voskoboi is the main adviser of one of the most influential Russian businessmen, Arkadi Volski, the last president of the Industrial Economic Complex of the former USSR.

Volski has had ties with businessman George Constantin Paunescu in the past. At the same time, he met with President Ion Iliescu, during the latter’s 1992-1996 term.

Volski is now chairman of the National Union of Entrepreneurs and Contractors in Russia.

The new Unirea stockholders increased the bank’s share capital by $1.6 million to $5.5 million (161bn lei), as well. The other Unirea shareholders after the increase are Amerom (Prima TV) – 3% and SIF Muntenia- 7%.

“Those at SIF Muntenia have already announced their plans to sell their stock in Unirea and most likely the consortium will be the one to buy it, too,” Botea added.

Banca Unirea vice-president was appointed Hoe Peng Ann, a Singapore-born businessman, while the other members of the Board of Directors are Anatoli Patron, chairman of the Investment and Technology Bank, Emil Botea, Dragos Boanca, Rodica Gheorghe and Constantin Pop.

“According to the strategy, a new $1.5 million capital increase is scheduled to be done at Unirea by June 30. Furthermore, in a matter of two or three weeks, a new General Assembly of Shareholders will be held, during which there will be a proposition to have the bank’s name changed from Unirea to Banca Comerciala de Investitii si Tehnologie (Commercial Bank for Investments and Technology) or Banca Comerciala Tehnologica de Investitii (Commercial Technological Investment Bank),” Botea added.