KBC Securities Acquires Majority Shareholding in Swiss Capital (Romania)
KBC Securities and Sorin Apostol have reached agreement whereby KBC Securities will acquire full control of Swiss Capital, the second biggest independent broking company in Romania. Both parties are aiming to finalise the deal in the first quarter of 2007. KBC Securities hopes that this acquisition will enable it to further develop its other home market of Central and Eastern Europe. The equity capital market in Romania has developed in line with the country’s robust economic growth. As far as market capitalisation is concerned (€24.7bn), the stock markets there (the Bucharest Stock Exchange and Rasdaq, catering for smaller, illiquid growth companies) have almost caught up with Hungary. Over the past few years, the Romanian stock markets have grown in comparison to their Polish, Czech and Hungarian counterparts. This strong growth is expected to continue in 2007, due to – among other things – a number of planned privatisation schemes (including 46% of Romtelecom and a number of energy and utilities companies).