BCR starts with EBRD and IFC

The privatisation of Romania’s largest bank – Romanian Commercial Bank (BCR) may end in two to four years after the process begins with the EBRD and IFC, says Privatisation minister Ovidiu Musetescu. “The presence of the two international institutions as significant shareholders will help increase the value of BCR, while the Government will make a decision about the remaining stake in 2004-2006, in much better conditions than the market can offer right now,” Musetescu stated. The Executive decided at the beginning of the year, after two failed attempts at attracting a strategic investor for BCR, to start the bank’s privatisation by selling a stake to the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation, the World’s Bank investment arm. According to the Privatisation minister, the EBRD and IFC will jointly acquire 25% in BCR. Talks between Romanian authorities and officials of the two international institutions started on March 1. ZF