BCR, the biggest bank on the market in terms of assets, will notdisburse dividends to shareholders from its 2009 income and willuse the money to increase its share capital. The bank last yearmade net income worth 237.97m RON (around 56m euros) in line withRomanian accounting standards, down almost 79% from 2008. Of thissum, 237.74m RON (the current equivalent of almost 58m euros) willbe used to strengthen the bank's capital. In the wake of thisoperation, pending approval in the extraordinary general meeting ofshareholders (EGM) convened for April 22, BCR's capital will climbto more than one billion RON (251m euros). The face value of ashare will thus rise from 1 RON to 1.3 RON. The decision hasalready been discussed in principle by Austria's Erste and the fivefinancial investment companies (SIFs) that hold BCR stock and willbe validated by the EGM. Pursuant to the privatisation contract,the government signed with Erste in 2006, BCR should in the firstthree years after privatisation grant dividends accounting for atleast 40% in net income calculated in line with IFRS, but not morethan the net income in line with RAS.
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