The controlling interests in Banca tiriac might be sold to a strategic investor by yearend, president Anthony van der Heijden told Ziarul Financiar.
This could be the deal of the year on the Romanian banking market. “This is the right step we must take. The bank needs a strategic partner because the strategy to go on by itself is not a solution to become the leader of the retail market,” Van der Heijden said.
He says the majority shareholder of the bank, businessman Ion tiriac, is ready to sell his 67.5% stake. The European Bank for Reconstruction and Development holds 5.9%, with the rest of the shares held by individual investors.
Banking sources say the majority shareholder hired Deloitte & Touche consultancy for the due-diligence, which has already been completed. At the same time, he sent a number of foreign banks requests for expressions of interest in taking over Banca tiriac.
The potential investors should express their interest and come up with a firm offer by early December. This could be the proof that this time, the decision to sell the controlling interests has been made indeed. The sale of Banca tiriac has been rumoured for two years now, but nothing materialised.
The only concrete name mentioned was the National Bank of Greece. Another name mentioned as possible buyer lately is German HVB Bank. “We’ve always said HVB keeps its eyes open for any possibility to expand on the market, which includes an acquisition. Anyway, if there was such a transaction, it would be sealed in Vienna,” Dan Pascariu, HVB Bank Romania president, told Ziarul Financiar. Van der Heijden says a number of potential buyers have expressed interest in the bank but will not give any names.
Banca tiriac is one of the few attractive takeover targets on the Romanian banking market, as competition is becoming fiercer. The bank is now undergoing a $13m capital increase, as decided by its shareholders in March.
oana.nuta@zf.ro ; razvan.voican@zf.ro