Italian banking group UniCredito might be interested in acquiring the residual stake in Romanian Development Bank (BRD), which is currently held by the state, sources on the banking market told Ziarul Financiar.
The Privatisation Authority still holds 7.32% in BRD share capital. French Group Societe Generale in 1999 purchased 51% in BRD, while the rest of shares were sold to the employees (8%) and on the market (2.55%).
Officials of the Italian group at the beginning of last week visited Romania and submitted their market approach strategy to Premier Adrian Nastase. They hinted they might be interested in the privatisation of some Romanian banks.
“I am not acquinted with UniCredito’s alleged interest in the residual 7.2% stake in BRD, held by the Privatisation Authority. I would personally be glad to see one of the most dynamic banking groups in Europe, such as UniCredito, entering BRD shareholding.
Moreover, we are pleased to see the number of Italian small and medium-sized companies or Italian-Romanian joint ventures is increasing, especially in Romania’s western region and, as we were receptive to this situation, we have already opened an Italian-desk (a desk for Italian businesspeople, i.e.) at our Timisoara-based subsidiary,” BRD chairman Bogdan Baltazar told Ziarul Financiar.
Officials of the Italian bank were not available for comment. In its turn, the Privatisation Authority says that the bank’s privatisation commission no longer exists, but it will be assembled again, as soon as a bid for the residual stake is submitted.
BRD shares are traded on the Bucharest Stock Exchange, but their current price stands for about half of the original listing level (28,960 lei/share), when the state put up for sale the residual stake. BRD was quoted at 15,400 lei/share last Friday, meaning a stock exchange capitalisation worth 185.5 million dollars.
According to sources on the stock exchange market, several foreign investors are regularly purchasing BRD shares.