“Erste Group Bank reconfirms current talks with the five minority shareholders of BCR – SIF Banat Crisana (SIF1.RO), SIF Moldova (SIF2.RO), SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO) and SIF Oltenia (SIF5.RO) – on all options regarding BCR’s listing that will match both parties’ interests,” Erste said in a statement.
“The next steps depend on the SIFs’ further decisions. In its turn, Erste will be ready to quickly take any necessary decision,” the statement added.
SIF Banat-Crisana president Ioan Cuzman has recently said the negotiations between the SIFs, which own together 30.11% in BCR, and Erste are close to completion and the bank might soon make an official statement on these talks.
Friday, Andreas Treichl, chief executive officer of Erste, said he would do “everything in his power” to avoid a potential listing of BCR in Bucharest, as the operation would negatively affect the group.
Treichl’s statements came a few days after a group of minority investors in the five SIFs requested BCR shareholders met to discuss listing its shares in Bucharest.
In 2006, Erste bought a 61.88% stake in BCR for EUR3.75 billion from the state, the European Bank for Reconstruction and Development and International Finance Corporation. The Austrian group subsequently raised its stake to 69.4%, by taking over shares from BCR employees.
Under the privatization deal, Erste was supposed to float BCR’s shares by October 2009 at the latest. However, the Austrian bank and the five SIFs have agreed to delay the procedures until 2011.
BCR reported a 67.6% drop in its consolidated net profit after minorities of 158.2 million (EUR37.3 million) in the first half of 2011, due to lower operating income and high provisions.