Wednesday, June 3, 2009

Romanian Court to Rule on Fund Ownership Limit, Financiar Says

By Irina Savu

June 2 (Bloomberg) -- Romania’s Constitutional Court will rule today on the legality of the 1 percent ownership limit in SIF Oltenia SA, the investment fund that owns stakes in the country’s biggest banks, Ziarul Financiar reported.

Galati, Romania-based Comrimet SA, a shareholder in the fund, wants to increase the maximum any one investor can hold in SIF Oltenia, one of five publicly traded investment companies in Bucharest, the newspaper said. Comrimet maintains the limit violates private property rights, Ziarul added, citing the court.

Romania’s investment funds, or SIFs, each own about 6 percent in Banca Comerciala Romana SA, the country’s biggest bank, alongside Vienna-based Erste Bank AG, which owns a majority. They also each own 5 percent in BRD-Groupe Societe Generale SA, the country’s second-biggest lender by assets majority owned by France’s Societe Generale SA.

To contact the reporter on this story: Irina Savu in Bucharestisavu@bloomberg.net.

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