Romania’s Fondul Proprietatea Deems Entitled To Further EUR160M From BCR Sale

Fondul Proprietatea management will discuss with representatives of Ministry of Economy and Finance on that issue.

The amount of EUR88 million represents 4% of Romania’s total EUR2.2 billion received from BCR sale. Lulache said that Fondul Proprietatea is entitled to 4% of the lender’s share capital.

Lulache also said should the Economy Ministry not amiably accept the request, the fund will claim its rights in a court of law.

BCR was sold last year to Austria’s Erste Bank Der Oesterreichischen Sparkassen AG (EBS.VI) for EUR3.75 billion, the second-largest privatization deal in the Central and Eastern Europe and Commonwealth of Independent States region, according to a PriceWaterHouseCoopers mergers and acquisitions survey.