Erste Bank increases its stake in Romania's BCR

Austria's Erste Group, the second largest banking group in eastern Europe, announced it would acquire another 24.12 per cent stake in Romania's largest bank, Banca Comerciala Romana (BCR), for 435 million Euros. Once this transaction is completed, Erste Group’s participation in BCR is set to increase to 93.52 per cent.

Erste Group Bank AG said yesterday (Weds) it had reached an agreement with four of the five SIF minority shareholders in Banca Comerciala Romana (BCR) – SIF Banat Crişana, SIF Transilvania, SIF Muntenia and SIF Oltenia to acquire the additional shares.

Manfred Wimmer, Chief Financial Officer, Erste Group, said: "It has always been our strategy to hold the highest possible stake in our subsidiaries and we are glad to have now this possibility also in Romania."

Austria's Erste Group purchased 61.9 per cent of BCR from the Romanian AVAS (Romanian Authority for Asset Recovery), and then later another 7.2 per cent from BCR employees.

Erste Bank a.d. Novi Sad

Banca Comercială Română

BCR

Manfred Wimmer