HOW PROFITS OF THE FICS ARE SAVED IN TIMES OF CRISIS SIF1 and SIF3 each earned EUR 12.75 million for their stakes in "Bancpost"

Tradus de Cosmin Ghidoveanu
Ziarul BURSA #English Section / 23 iunie 2009

Ş.C.

SIF "Transilvania" (SIF3) and SIF "Banat-Crişana" (SIF1) will each receive EUR 12.75 million from their sales of their respective stakes in "Bancpost", completed at the end of last week. The payment will be made in two installments, with EUR 9,64 million to be transferred into the companies" accounts in the next three days, and EUR 3.11 million, by October 1st for SIF 1, and September 30th for SIF3, respectively.

For comparison, SIF "Oltenia", which sold its shares in Bancpost two weeks ago, earned only EUR 12.14 million.

Out of the FICs, the only one that is still negotiating with "EFG Eurobank" is SIF "Moldova". On June 11th, Claudiu Doroş, vice-president of SIF2, stated for "BURSA" that "SIF2 is waiting for the market to improve in order to get a better price than the one that SIF Oltenia got".

SIF "Muntenia" sold its stake in "Bancpost" four years ago.

Bancpost is controlled by Greek group "EFG Eurobank", that prior to the transaction held about 82.22% of the company"s share capital.

The assets managed by the Greek group in Romania amounted to EUR 6.06 billion at the end of March 2009, up 35% over Q1 2008, when they stood at EUR 4.49 billion.

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