ATE Bank, the fifth-leading bank in Greece in terms of market value yesterday signed the contract to buy about 57.13% in Mindbank, in an approximately 35.8 million-euro deal.
"Most of the shareholders and employees of the bank welcome this transaction, which we believe is beneficial to Mindbank. The bank will be able to develop with a powerful shareholder, and the stated intent of the buyer is to make it one of the top ten banks in Romania in the next three to five years," Vasile Petrescu, the representative of a group of shareholders that owns 17.5% in Mindbank, told ZIARUL FINANCIAR.
The sources said the Greeks had transferred 36 million euros into an escrow account opened with Banc Post as early as last week in view of the acquisition of the shares. The bid submitted by the Greeks evaluates Mindbank, which has a 0.27% market share, at some 62 million euros, 2.15 times higher than the net accounting value of the bank's assets. The bid makes it possible for the other Mindbank shareholders to sell their interests to ATE Bank within 60 days from the signing of the contract, to avoid becoming captive investors, at a price of 0.93 RON (25 eurocents) per share.
"The business plan presented by ATE Bank to the shareholders of the bank, as well as to the NBR, stipulates an increase in assets by almost ten times over the next three years," Doru Lionachescu, partner of investment firm Capital Partners, which brokered the acquisition made by the Greek bank, commented for ZF. The Greeks want to focus on expanding Mindbank's operations to the small towns, a niche where they have extensive experience.
Those that sold shares to ATE Bank yesterday include Vasile Petrescu, who represents 8 shareholders totalling 17.5%, among whom is Kuwaiti businessman A.H. Bahman (15.4%), the Blom Bank representative that owns 9.02% and Romanian-Australian investor Dan C
