The Bucharest Stock Exchange (BVB.RO) has climbed 13.7% since the beginning of the month.
Erste Group Bank (EBS.RO), the majority shareholder of Romanian lender BCR, rose 4% Thursday after the group said it repaid EUR1.76 billion in aid received during the global economic and financial crisis.
Over the past six sessions, Erste shares have gained 12%. It is followed by regional investment fund SIF Oltenia (SIF5.RO) with an 11.6% increase supported mainly by BCR’s good financial results. The Romanian lender reported net profit of 557 million lei (EUR127 million) for the first half of the year. SIF Oltenia is the only regional investment fund which did not sell its stake in BCR to Erste.
The four other regional investment funds (SIFs) also registered substantial increases, which range between 5.9% and 9.5%, as both BRD (BRD.RO) and Banca Transilvania (TLV.RO) reported higher profits for the first half and their shares rose significantly. Between 40% and 60% of SIFs shares are stakes in Erste, BCR, BRD and Banca Transilvania.
Banca Transilvania rose 10.1% in August and BRD added 9.4%.