The shareholder meeting should also approve a bond issue that would help diversify streams of funding.
This is the sixth year in a row when the lender controlled by Italy’s UniCredit in partnership with Romanian businessman Ion Tiriac does not plan to pay dividends to shareholders, even though it remained one the most profitable banks on the market.
On the other hand, neither UniCredit Group nor Tiriac had to come up with cash to bolster the bank’s capital during the crisis, as some of the rival banks’ shareholders had to.
The bank’s equity capital stood at RON2.7 billion at the end of 2012, up 8% on 2011 as a result of the reinvestment of the previous year’s net profit. Share capital amounted to more than RON1.1 billion, including the paid up capital of RON379 million made up of 40,760,784 shares with a nominal value RON9.3/share. The RON173 million net profit of 2012 (up almost 12% on 2011) helped drive the return on equity of 6.4%. Solvency ratio stood at 13.5%.
UniCredit Group, mainly represented by UniCredit Bank Austria, owns 50.6% in UniCredit Tiriac Bank, while the Tiriac Group owns 45% through Vesanio and Redrum, registered in Cyprus and Netherlands.
The other shareholders are Romanian individuals, who own 4% and could not exit after the successive mergers Banca Tiriac they helped establish went through to create UniCredit Tiriac Bank. (EUR1=RON4.4154)
(English version by Loredana Fratila-Cristescu)