On 24 April, shareholders of one of the most sought after assets on the Romanian market will choose, from among a total 16 candidates, the individuals who will be assigned the 7 four-year mandates to manage the Banat-Crisana board. Current legislation does not allow investors to own more than one percent in the SIFs. However, Banca Transilvania and the investors presumed to collaborate with the lender own 12.4 percent of SIF Banat-Crisana, according to data reported by the financial investment company. Bank officials say that BT and its subsidiaries own a 5.5 percent stake in SIF1.
Interviewed by Business Standard, Banca Transilvania President, Horia Ciorcila, said that he demanded that the SIF divulge which investors had their votes suspended. He added that he and two other members of the bank’s board, who are also fighting for a seat on the SIF1 board, are independent candidates, and are not representing an entity within the financial group. On the other hand, SIF1 officials said that the decision to suspend the votes is in accordance with capital market regulations. The company’s Chairman, Ioan Cuzman, said that “we are dealing with a concentrated action to gain control [of the board].” Ciorcila ruled out a joint action by the lender’s representatives. “None of the three Banca Transilvania board representatives running for a SIF Banat-Crisana seat was appointed by an entity within the group. We are independent candidates. We made a statement in this regard to CNVM [the National Securities Commission] and SIF Banat-Crisana, Ciorcila said.
