BRD will take over as new depository once the fund’s current depository agreement with ING Bank expires on November 20, the statement noted.
At the end of August, Fondul Proprietatea had net assets worth 15.18 billion lei (EUR3.4 billion).
BRD’s appointment is conditional upon the approval of Romania’s Financial Supervisory Authority.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism. U.S. hedging fund Elliott Associates is the fund’s largest shareholder, with an 18% stake, followed by investment management fund City of London with 4.87%.
Wednesday, the fund’s shares closed down 0.07% at RON0.765 in Bucharest. (EUR1=RON4.4511)