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September 24, 2021

SIF Banat-Crisana takes over SIF Muntenia for EUR 1.8 M

The Romanian investment fund SIF Banat-Crisana (SIF1) takes over half of the shares in the company which manages the assets of another investment fund, SIF Muntenia (SIF 4), money.ro informs. The price paid by SIF 1 for SAI Muntenia Invest will be of some EUR 1.8 million in cash. It is for the first time when a SIF takes over the management of another SIF in Romania. The Authority for Financial Surveillance recently OK-ed the takeover of as much as 99 percent in SAI Muntenia Invest, which means the deal can have a second stage in the future. The price of the second leg in the deal will be determined by the value of the company’s net assets when the deal will be signed. SAI Muntenia Invest, which used to be controlled by Grupul Financiar Muntenia, in turn controlled by private investors, mainly employees of SIF Muntenia, manages SIF Muntenia’s EUR 230 million assets. SIF Banat-Crisana is being headed by Dragos Bilteanu, president and general manager, who took over the helm in December 2012, and who is also known for his investments in real estate.

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