Bancpost plans to issue 231.5 million new shares with a face value of RON0.4. The bulk of the shares (93.3% of total) would be distributed to EFG Eurobank for the conversion of total receivables worth RON86.4 million.
The proposal is subject to shareholder approval at a meeting due November 7.
Bancpost is 93.3%-owned by EFG Eurobank, Greece’s second largest lender.
End-August, EFG Eurobank said it would merge with peer Alpha Bank into a single institution, in a move aimed to consolidate their assets and make them more resilient to the crisis.
In Romania, the merger is set to create the third-biggest bank by assets. (EUR1=RON4.3222)