Romanian shareholder Carabulea wants changes in Banca Carpatica’s management structure, while managers want merger with another bank

Romanian businessmen Ilie Carabulea and Corneliu Tanase, who together hold a majority stake in Banca Comerciala Carpatica, want to makes changes to the lender's current executive management, which has proposed drawing up plans to merge with another bank. On February 14, the two businessmen asked for a general meeting of shareholders, both Ordinary and Extraordinary, set by the management on April 10. They require both the reduction of members of the Supervisory Board from five to three, and a cut in the number of Executive Board members, reports local news agency Mediafax. The two businessmen also asked for a report on how the Executive Board supervised the achievement of the budget for 2013. Meanwhile, however, the Executive Board added a proposal to the agenda: its empowerment to analyze and identify “potential development opportunities for the bank through a merger and, in case there is such an opportunity, to draw up the merger plan that will be submitted for approval to the Extraordinary General Meeting of Shareholders”. Ilie Carabulea holds 41.2 percent of the bank’s share capital, while Corneliu Tanase owns 11.2 percent of the shares. Banca Comerciala Carpatica reported for 2013 a net profit of RON 38 million (some EUR 8.6 million), up from RON 21 million (EUR 4.7 million) recorded a year before. Irina Popescu, irina.popescu@romania-insider.com