Patria Bank reduces share capital to cover losses

Patria Bank wants to reduce its share capital from RON 376.2 million (EUR 82.3 million) to RON 227.1 million (EUR 49.7 million). The RON 149 million (EUR 32.6 million) cut will be made by canceling 1.491 million shares. "The reduction of the share capital is made to partially cover the bank's accumulated losses, registered on December 31, 2016, amounting to RON 149.1 million", the bank announced. On May 1, Patria Bank effectively merged with local lender Banca Comerciala Carpatica. Following the merger, the number of banks in the Romanian banking system dropped to 36 and the Banca Carpatica brand disappeared from the local market. The new bank operates under the Patria Bank name and is listed on the Bucharest Stock Exchange. It has assets of RON 3.8 billion (EUR 830 million) and a market share of about 1%. editor@romania-insider.com