American National Group plans to take over and restructure the assets and liabilities of Romania's troubled private Credit Bank SA, Reuters reported.
Also known as American National Realty Advisers, the Dallas, Texas-based group was set up in August 1994 to manage pension fund capital and specialized in real estate deals.
Executives of the U.S. company could not be reached for comment on the report.
According to the news agency, American National Group last month announced a similar deal with another troubled Romanian bank, Dacia Felix. Romania's central bank stripped the private Dacia Felix and Credit Bank of their banking licenses in April because of their deteriorated financial positions.
Both banks contested the central bank's measure in court.
"We hope the central bank will approve the deals, as they are the largest creditor of Dacia Felix and an important one in Credit Bank," Reuters quoted Ronald Gutenman, ANG vice president and senior investment officer, as saying.
Mr. Gutenman said American National would set up a commercial company in Romania, American National Commercial Group, to manage the funds needed to cover the difference between the banks' assets and liabilities.
-Compiled by James. R. Kraus