Patria Bank (ex- Carpatica) plans to reduce its share capital by 40 pc

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Former Banca Comerciala Carpatica (BCC), which became Patria Bank as of May 1 following a merger, wants to reduce its share capital by 40 percent to RON 227.12 million, according to an announcement sent to the Bucharest Stock Exchange (BVB).

The subject was on the agenda of the Shareholders General Meeting, which will take place on July 28th.

The share capital would be reduced by canceling a number of 1.491 million shares with a nominal value of 0.1 RON, pro-rata with the percentage held by each shareholder in the share capital of the bank at the record date.

“The share capital decrease is made for the scope of partially covering the cumulated loss of the Bank registered as of December 31, 2016 in amount of RON 149.118.190,” the announcement reads.

Patria Bank recorded in the first quarter of this year a net result of RON 9.7 million, a loss higher by 27 percent than the previous quarter (Q 4 of 2016), in the context of an activity slowing down caused by preparing the merger.

At the same time, the total assets fell by 4 percent as compared to December 31, 2016, considering the reducing base of deposits from non-banking clientele in the context of the 18 banking units closed in December 2016.

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