Shareholders will vote in this respect on May 9.
BRCI officially started operations on February 10, two months after Umbrarescu completed the purchase of a 93.27% stake in ATE Bank Romania from Greece’s Piraeus Bank, for EUR10.3 million.
Te bank started with a share capital of RON37 million and a subordinated loan of EUR5 million.
Shareholders decided on April 7 to extend the structure of the Supervisory Board by two members, to 5. KPMG Romania was also named the bank’s financial auditor for a 3-year period.
ATE Bank Romania was founded in 1990 as Banca pentru Mica Industrie si Libera Initiativa, and was the first mixed-capital bank in Romania. In June 2006, Agricultural Bank of Greece (ATE Bank Greece) bought the majority stake in the bank.
Mid-2012, Piraeus Bank Greece took over ATE Bank Greece and all its regional subsidiaries.
Bucharest-based UCECOM owns a 3.83% stake in ATE, while other shareholders hold a 2.9% stake.