The Ordinary General Assembly of Banc Post's new shareholders was held today, 21 September 2000, in Bucharest, marking the completion of the necessary procedures following the signing, on 20 July 2000, of the agreement between EFG Eurobank, Banco Portugues de Investimento (BPI), and General Electric Capital Corporation, on the one hand, and the Romanian Government, on the other, on the transfer of a majority package of shares in the Romanian bank. Today, a supplementary act was signed between the two sides whereby General Electric Capital Corporation transferred 26.25% of its shares in Banc Post to EFG Eurobank Ergasias and Banco Portugues de Investimento. In addition, the representatives of the shareholders were appointed to the Banc Post Board of Directors on the basis of the new share composition.
The Ordinary General Assembly of Banc Post's new shareholders was held today, 21 September 2000, in Bucharest, marking the completion of the necessary procedures following the signing, on 20 July 2000, of the agreement between EFG Eurobank, Banco Portugues de Investimento (BPI), and General Electric Capital Corporation, on the one hand, and the Romanian Government, on the other, on the transfer of a majority package of shares in the Romanian bank. Today, a supplementary act was signed between the two sides whereby General Electric Capital Corporation transferred 26.25% of its shares in Banc Post to EFG Eurobank Ergasias and Banco Portugues de Investimento. In addition, the representatives of the shareholders were appointed to the Banc Post Board of Directors on the basis of the new share composition. The transfer was carried out after the completion of all the necessary procedures and the granting of the necessary authorisations. Specifically, EFG Eurobank Ergasias and Banco Portugues de Investimento have received the required permissions from the central banks of their countries of origin. In addition, the approval of the Romanian Competition Council and the National Bank of Romania have also been granted.
The new share composition of Banc Post is as follows:
- EFG Eurobank Ergasias 19.25%
- Banco Portugues de Investimento 17%
- State Ownership Fund 17%
- General Electric Capital Corporation 8.75%
- BANC POST employees and pensioners 8%
- SIF Banat-Crisana SA 6%
- SIF Moldova S.A. 6%
- SIF Muntenia S.A. 6%
- SIF Oltenia S.A. 6%
- SIF Transylvania S.A. 6%
Banc Post today holds a leading position in Romania's banking system and is characterised by its stability and financial soundness. The Bank's capital adequacy ratio stands at 25.93% and its liquidity ratio - based on 31.8.2000 figures - at 49.13%. Its market share in total deposits is today approximately 6%, it has a network of 128 branches, and a staff of approximately 4,000. It also has the largest network of ATMs in the Romanian market.
The new shareholders of Banc Post will provide the Romanian bank with important advantages and will give it a major boost in extending its activities and increasing its share of the domestic retail banking market.