Germany’s Commerzbank Mulls Taking Over Romania Carpatica Bk – Sources

"Germany’s Commerzbank is currently holding talks with Carpatica Bank and might sign a takeover deal by fall. Carpatica stockholders evaluate the bank at 1.8 billion or 2 billion lei (EUR1=RON3.6760)," the sources said.

Ilie Carabulea, the largest stockholder of Carpatica Bank refused to make further comments on the takeover deal.

"I make no comment on the information. We want to strengthen the bank’s functional structures and adjust the strategy to the new conditions on the international financial-banking market," Carabulea said.

Carpatica Bank reported a capital of RON393 million on the Stock Exchange Tuesday.

Commerzbank’s representatives did not corroborate the talks, without denying the interest in the Romanian lender.

"We do not comment on possible purchases or rumors on the markets," Commerzbank’s spokesperson Peter Pietsch said Wednesday.

Romanian natural person Ilie Carabulea holds a 35.82% stake in Carpatica, while natural person Antonio Gian Olivo holds a 6.53% stake, Lucio Olivo 7.87%, Aurel Albu 9.98%, Corneliu Tanase 9.84%. Other natural persons hold a 10.44% stake while legal entities the rest of 19.49%.

Carpatica eyes a net profit of RON44.66 million in 2008, from RON8.42 million in 2007.

The bank’s first-quarter assets were RON2.3 billion, up 33% from the same period a year before.

Commerzbank is the second largest bank by assets in Germany, with EUR608 billion assets and a EUR13 billion market value.

Commerzbank’s first-quarter net profit was down 54%, to EUR280 million, from EUR609 million during the same period a year ago, on writedown operations amid US’ real estate market.