SIF Oltenia owns 6.58% of BCR’s shares. Following the capital increase at the bank, the fund’s stake could decrease to around 6.3%.
BCR, Romania’s largest lender by assets, decided earlier this month to increase its share capital and to amend its bylaws so the bank may shut down unprofitable units without authorization from its supervisory council.
Monday, BCR’s head Tomas Spurny said the lender would lay off 1,600 staff in the next 12 to 18 months and will close over 60 local units, in a move to reduce costs.
BCR, a unit of Austria’s Erste Group Bank AG (EBS.RO), currently employs 9,100 staff.