Finansbank prepares to release bonds

Following two issues of corporate bonds released by BRD-SocGen and Raiffeisen Bank and a third announced by Banca Carpatica, Finansbank Romania is now getting ready to release a 350bn ROL (8.5 million euros) bond issue to secure funding for the development of its long-term credit portfolio. The issuing of 35,000 corporate bonds has been included on the agenda of an EGM of Finansbank shareholders, scheduled for August 16. The par value of these shares stands at 10,000,000 ROL, maturing in three years. Interest will be calculated as an average of the interest rates for the deposits attracted and for those made by banks for three months on the interbank monetary market. The Bank’s Board, whose composition will be modified during the same EGM, will be authorised to negotiate the contractual provisions for issuing bonds with the Bucharest Stock Exchange (BSE), the National securities Commission (CNVM), REGISCO (the independent shareholders registry) and the financial investment companies interested in brokering the offering. ZF