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Shareholders in BCR Securities, the brokerage arm of Banca Comerciala Romana (the Romanian Commercial Bank - BCR) could decide to dissolve and liquidate the company during the General Meeting scheduled for today, according to the formal notice to attend the General Meeting published on the company"s website.
BCR controls BCR Securities with 72.08 per cent, whereas Financiara SA is the second largest shareholder with 17.59 per cent. Insurance company Omniasig is the third largest shareholder with 9.84 per cent.
The intention to dissolve the company comes as no surprise, considering that BCR bought almost the entire stake held by BCR Securities in the Bucharest Stock Exchange (BSE) in April 2009 and has been trading directly on BSE since February 2008. BCR is also the market-maker for Erste Bank stock.
Specifically, BCR paid 3.05 million RON for 113,256 shares in the Bucharest Stock Exchange, thus securing control over approximately 1.4 per cent in Romania"s leading capital market. Erste Asset Management in March 2009 took over the mutual fund management operations from BCR Asset Management soon after being duly licensed by the National Securities Commission (CNVM).
BCR Securities was established in December 2000 through the merger of the two brokerage firms in which the Romanian Commercial Bank was a shareholder, namely INTERMOB SVM SA and Financiara Stock Agency (FINAREX) SA.
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