Thursday, June 17, 2010

Bank of Cyprus pulls bid to up Romanian bank stake

Wed, Jun 16 2010

NICOSIA, June 16 (Reuters) - Bank of Cyprus BOC.CY (BOCr.AT: Quote, Profile,Research, Stock Buzz) has withdrawn an application to raise its stake in Romanian Banca Transilvania BATR.BX to up to 20 percent, it said on Wednesday.

The Cypriot bank cited "other priorities" for its decision to withdraw its request from the Romanian Central Bank.

On May 17, Bank of Cyprus said it had received an initial approval from Cyprus's Central Bank to raise its 10 percent stake in Banca Transilvania to 20 percent, with any increase would subject to regulatory approval in Romania.

Bank of Cyprus aquired a 9.99 percent stake in Banca Transilvania in December for about 60 million euros ($74 million). Banca Transilvania, with more than 500 branches, holds an estimated 8.5 percent share of Romania's deposit market. (Writing by Michele Kambas; Editing by Dan Lalor) ($1 = 0.8101 euro)

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