Romania’s Banca Transilvania sells stake in Asiban on similar shareholders' decisions

Banca Transilvania will sell some 240,000 shares, the equivalent of the 25 percent stake it holds. BCR, BRD SocGen, CEC and Banca Transilvania each own 25 percent of Asiban’s share capital. Asiban increased its share capital by 20 million lei as BRD SocGen, is eyeing the hike of its stake in light of shares sale. The insurer’s share capital now stands at 96 million euros. Of the 20 million lei, 25 percent were given by BRD.

Asiban is going through an evaluation process, as it should be sold next year. International consultant Rothschild will act as financial councilor for the sale.

The insurance company reported a gross profit of 2.56 million lei in the first quarter of the year, up 33.3 percent against the same period last year. The value of the gross subscribed premiums stood at 138.8 million lei, up 30 percent against the first quarter of 2006.

Source: NewsIn