BCR Approves RON55.4M Capital Increase

04.29.2011 By Florentina Dragu

Romania’s largest bank Banca Comerciala Romana (BCR) Friday approved raising its share capital by 55.4 million lei (EUR13.6 million) by including the entire profit for 2010, people in the shareholder structure told MEDIAFAX.

Romania's largest bank Banca Comerciala Romana (BCR) Friday approved raising its share capital by 55.4 million lei (EUR13.6 million) by including the entire profit for 2010, people in the shareholder structure told MEDIAFAX.

Following the move, BCR will have a share capital of RON1.085 billion (EUR266.3 million).

In February, BCR announced a net profit of around RON105 million for 2010. However, the bank has booked additional provisions at the suggestion of its audit firm and so the 2010 net profit was cut to RON55.4 million, according to unnamed sources.

BCR will issue 554.27 million new shares at a face value of RON0.1 for the capital increase.

The bank also approved reducing the face value of its shares to RON0.1 from RON1.3 and increasing the total number of shares to 10.3 billion, from 792.46 million.

BCR group includes BCR bank, BCR Banca pentru Locuinte, BCR Administrare Fond de Pensii, BCR Leasing, BCR Asset Management, BCR Securities, Anglo Romanian Bank Limited and BCR Chisinau.

The group is 69.2%-owned by Austria's Erste Bank (EBS.RO), while Romania's five regional investment funds SIFs hold together a 30.11% stake. (EUR1=RON4.0744)