Broadhurst paid RON8.3 million (EUR1.9 million) for Electroaparataj’s stake. Libra Bank, currently 35th in the bank ranking is controlled by New Century Holding (NCH), which also owns the investment fund involved in the deal with Electroaparataj.
The U.S. owner of the bank was in talks with a Spanish group to sell Libra before the crisis and is said to have asked for EUR100 million, that is four times the current value. Libra has been a member of investment fund New Century Holdings since 2003.
Broadhurst had previously held 33.4% in Libra and the latest deal took its stake to over 40%.
Libra ended the first half with 9.1 million lei (EUR2.1 million) in profit, up from the RON250,000 (EUR57,565) in the same interval a year ago, according to the latest data available. The reporting used IFRS standards.
The bank also made profit of about RON10 million (EUR2.3 million) in 2010, according to IFRS standards. If calculated using Romanian accounting standards, which are stricter, about provisions for non-performing loans, the bank posted RON8.5 million (EUR1.95 million) losses. (EUR1=RON3.3429)
(English version by Loredana Fratila-Cristescu)