Romanian Finance minister Mihai Tanasescu says he has reached an agreement with the president of the European Bank for Reconstruction and Development (EBRD), Jean Lemierre, about the method Romania will choose for the sale of another stake of at least 25% in BCR (Romanian Commercial Bank) to a strategic investor by the end of the year.

"We have decided to draft a strategy together with the potential buyers," Tanasescu told Bloomberg News, while in London. However, he declined to reveal the identity of the "potential buyers."

In line with the agreement sealed with EBRD and IFC (the World Bank's investment arm), the sale of the second stake in BCR will not be completed without a preliminary approval by the two institutions, which last year decided to buy 12.5% each in the largest Romanian bank. Mihai Tanasescu was however unable to announce the signing of the last documents for the sale-purchase contract with EBRD and IFC, although, over the last few months, he had been setting various deadlines that were not eventually met. Until the documents are signed, the Romanian State cannot cash the 222 million dollars representing the value of the 25% stake in BCR.

Following the transaction, the state still holds 45% in the bank.

Tanasescu and Prime Minister Adrian Nastase had formally announced as early as last month that several powerful banking groups were interested in acquiring a stake in BCR. The first rumours on this issue had come up as early as last December and they were fuelled, in January 2004, by a series of "hypothetical" comments by Romanian Premier Nastase. razvan.voican@zf.ro

Romanian Finance minister Mihai Tanasescu says he has reached an agreement with the president of the European Bank for Reconstruction and Development (EBRD), Jean Lemierre, about the method Romania will ch