Greek ATE Bank plans to exit Romanian market by 2012

Greek group ATE Bank plans to sell the majority stake in its Romanian subsidiary, in a move which would restructure the group, according to a recent report issued by the bank. The state – owned group's reorganization has recently been approved by the European Commission. The asset sale has been programmed for this year or until the end of next year, the latest. ATE Bank Greece owns a 74 percent package in ATE Bank Romania. The International Finance Corporation owns another 15 percent, while the Union UCECOM has 7.3 percent in ATE Bank Romania. The Greek group also plans to sell the Serbian bank AIK Banka and FBB in its home country. ATE Bank posted a loss of EUR 29.5 million in the first quarter of the year, at a group level. The rate of its nonperforming loans went up from 7.9 percent a year ago, to a current 13 percent. In Romania, ATE Bank runs 30 units and ranks 24th based on its assets. editor@romania-insider.com