Size of BCR stake for sale announced

The Romanian state is to sell a stake of between 50% plus one share and 62% in Banca Comerciala Romana (BCR) to a strategic investor, said Gabriel Zbarcea, who is chairman of the State Asset Resolution Agency (AVAS). Zbarcea is also chairman of the BCR commission for privatisation. “From the stake to be sold in BCR, the equivalent of 4% in the bank”s stock will be transferred to the Property Fund,” he announced. The Property Fund, which has been set up to handle compensation payments to owners of nationalised property that cannot be returned in kind, will hold stock in around 100 companies, including BCR, CEC, Petrom, Electrica, Distrigaz, RomTelecom, CFR, Tarom and Alro, and in Romania”s receivables from 14 states. The AVAS chairman says the privatisation announcement for BCR will be run in UK”s Financial Times by the end of the week. ZF