The ASIBAN selling substantially rises the ex owners' profits
 Leaving the ASIBAN ownership substantially impelled the Romanian Commercial Bank's (BCR's), the Romanian Development Bank's (BRD's), the TRANSILVANIA Bank's (BT's) and the CEC's net gains. They have received important sums from selling the insurer's shares to the French GROUPAMA, a transaction estimated to EUR 350 million.
So, BT's net profit has tripled, reaching EUR 108 million (RON 396.61 million) after the first nine months of the current year. After collecting EUR 87.5 million from selling the 25% package to ASIBAN in August, BT has reported an exceptional net gain of approximately EUR 61 million (RON 223.08 million), result that insures the bank of a significant liquidity. BT's net profit growth was 197% compared to the first three quarters of 2007, the operational net profit being of EUR 47.3 million (RON 173.54 million), 30% more than the similar period of the past year.
BCR, BRD and CEC have received similar sums like BT from selling each 25% of ASIBAN shares, which will raise their profits for the second half of the year. In BCR's case another EUR 244 million supervene, the cashed sum for selling 88.5% from BCR Insurance and 88.4% from BCR Life Insurance. This amount is afferent to BCR's 18% from the total sum of EUR 1.14 billion cashed from ERSTE for selling of the Eastern and Central European insurance actives to Vienna Insurance Group (VIG).
So, selling the insurance operations and ASIBAN's interest will boost BCR's profit to over EUR 600 million in 2008, being the assets market leader, according to the analysts.
BRD's net profit in the first nine months of 2008 rises at EUR 285 million (RON 1,038 million), 52.2% bigger than in the first three quarters of 2007 because of the exceptional net gain added from selling ASIBAN's interest, EUR 62 million (RON 225 million). The nine months operational profit growth was 19%, until EUR 223 million (RON 813 million).
At the same time, CEC, the state's bank which is situated in Top 10 after assets, will have over EUR 100 million profit after selling the 25% ASIBAN interest, according to the credit institution estimations.
The French insurance group, GROUPAMA, reached an agreement with the four interest banks - BCR, BRD, CEC, BT - in April about selling ASIBAN for EUR 350 million.
The official stamping and finalizing the business took place in the first week of August when GROUPAMA officially became the only ASIBAN shareholder and the third international player in the local profile market.
Author: Andreea IONETE
on 17.10.2008
Comment this article
0 comments
|
