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U.S. private equity investment firm enters Carpatica Bank’s shareholding officially. The transaction is waiting for BNR’s approval

By Anca Bernovici
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The management of Carpatica Commercial Bank (BCC) has been informed by a group of shareholders on the fact that they concluded on September 4 an agreement with JCF III Europe Holdings LP “for the purpose of selling an indirect shareholding of 25 percent in the bank”.

The investment fund in question is advised by the American investment firm J.C. Flowers & Co.

The seller group of the Romanian financial institution includes businessman Ilie Carabulea – bank’s founder, and his major partners Dana Cojocaru, Nicolae Lupu, Corneliu Tanase and Atlassib transport company, also controlled by Carabulea, according to BCC report sent to the Bucharest Stock Exchange (BVB).

Also, JCF III Europe Holdings will take over the unsubscribed shares by shareholders through private placement with a preemption right on issued shares by bank’s capital increase. Most likely, Ilie Carabulea and his partners will not exercise their right of first refusal and J.C. Flowers will get the majority shareholder of the bank.

“The indirect acquisition of the shares by JCF III Europe Holdings LP will be finalized after the completion of certain conditions precedent, such as the approval of the National Bank of Romania (BNR),” the report shows.

J.C. Flowers is a Wall Street firm, acting on behalf of several investment funds and has investments of USD 14 billion in companies in 14 countries.

In recent months, Ilie Carabulea repeatedly called on the central bank to find an investor for Carpatica Bank.

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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