June 10 (SeeNews) - Romanian retail investment fund SIF Oltenia [BSE:SIF5] said that it is seeking to sell its 3.27% stake in majority state-owned EximBank after the lender's shareholders approved its merger by absorption with Banca Romaneasca.
The stake is equivalent to some 4.34 million shares in EximBank, SIF Oltenia said in a statement filed with the Bucharest Stock Exchange, BVB, on Thursday.
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The shares' selling price will be established by an independent authorized expert, according to legal provisions.
EximBank acquired Banca Romaneasca in 2020 from National Bank of Greece (NBG). The two lenders will merge by absorption at the end of this year.
EximBank is a financial institution founded in 1992, exclusively dedicated to corporate entities. EximBank also functions as a state agent on the insurance and bond market, through which the Romanian state deploys public funds.
Founded in 1993 as Private Property Fund, SIF Oltenia operates as a stock company, self managed, with fixed capital, entirely private.
At-end June 2021, SIF Oltenia held stakes higher than 4% in ten companies, including Banca Transilvania, BRD Groupe Societe Generale, oil and gas group OMV Petrom, natural gas producer Romgaz, gas trasmission company Transgaz, drug manufacturer Antibiotice, investment fund SIF Banat Crisana, power grid operator Transelectrica and tourism operator Turism Felix.
SIF Oltenia's shares traded 0.49% lower at 2.02 lei on the Bucharest Stock Exchange as at 1359 CET on Friday.
(1 euro=4.9432 lei)