Romania Postpones Deadline for Bids

Romania Postpones Deadline for Bids in Sale of State-Owned Romanian Commercial Bank BUCHAREST, Romania (AP) -- The Romanian government has agreed to postpone a deadline for bids in the sale of the country's largest bank until Oct. 17, officials said Thursday.

The government privatization agency said that shortlisted potential buyers had asked for more time to complete their assessment of the Romanian Commercial Bank, known locally as BCR. The initial deadline was Sept. 19.

"We have accepted investors' request because it's clearly justified, reflecting on one hand BCR's market value, and on the other, their firm interest to take over the bank," said Gabriel Zbircea, who heads the privatization agency.

There are nine foreign banks bidding: Germany's Deutsche Bank AG, BNP Paribas SA, National Bank of Greece SA, Banco Comercial Portugues SA, Belgian-Dutch financial services company Fortis NV, Belgian bank KBC Group NV, Erste Bank AG, Dexia SA and Banca Intesa SpA.

BCR is Romania's largest bank, managing assets worth some euro7 billion (US$8.54 billion), or 26 percent of the assets held by the country's banking system. Last year, the bank reported a net profit of euro161 million (US$196 million) under International Financial Reporting Standards.

The government will select two bidders for final negotiations.

BCR is the last commercial bank to be privatized in Romania, which wants to have a completely private banking system before joining the European Union in 2007 or 2008.

The government is also selling the country's savings bank, CEC.

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