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Transilvania Bank has a new shareholder - International Finance Corporation

de D. Popa, transl/adapt. C.B.     HotNews.ro
Vineri, 13 noiembrie 2009, 11:28 English | Business

Transilvania Bank (BT) has a new shareholder, namely International Finance Corporation (IFC), the World Bank investment division, which presently holds 3.62% of BT's social capital, according to the bank's report sent to the Stock Exchange. According to the notification the bank received, IFC reps decided to convert the 20 million dollars worth of bonds which the International Finance Corporation has been holding with Transilvania Bank since 2005 into shares.

The conversion price - 1.5049 lei/share - represents the mean between the maximum and minimum daily price for Transilvania Bank shares, an index established according to the daily volume of transactions for the 90 days during which the Bucharest Stock Exchange has been open for transactions.

IFC joins the same list as the European Bank for Reconstruction and Development (EBRD), which is the main Transilvania Bank shareholder. International Finance Corporation is one of BT's strategic partners. Transilvania bank enjoyed so far 6 financing programmes coming from IFC. Additionally, BT received 50 million euros from IFC to continue and support the Romanian medical department.

In 2009, IFC's investments raised to 15 billion dollars. The capital has been redirected towards emerging countries.


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