BUCHAREST (Romania), September 3 (SeeNews) – Austria’s Erste Bank and Romania's five regional investment funds, the SIFs, have agreed to a delay in the listing of Banca Comerciala Romana (BCR) due to unfavourable market conditions, the SIFs said on Thursday.
Each of the five funds, which own a combined stake of 30.1% in BCR, has signed an agreement with Erste on the listing postponement, the funds said in separate statements.
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Erste wrapped up in October 2006 a 3.75 billion euro ($5.4 billion) acquisition of a 61.9% stake in BCR from the Romanian government, the European Bank for Reconstruction and Development and the International Finance Corporation, the World Bank's private sector arm. Under the terms of the sale contract, Erste Bank has to list BCR on the Bucharest Stock Exchange, BVB, within three years after the completion of the deal.
Erste Bank raised its stake in BCR, Romania's largest bank by assets, to 69.11% in December 2006.
Erste Bank stock is the first foreign issue listed on the BVB. It started trading in February 2008. Erste shares closed 2.24% higher at 118.6 lei ($40/28 euro) on the BVB on Thursday.
(1 euro=4.2445 Romanian lei)