“In exchange for its BCR shares, the SIF subscribed a total 4.0.25 million shares in Erste, and will receive them after the approval of Erste Group Bank’s share capital increase operation,” the SIF said in a report posted on the Bucharest bourse.
Thus, Erste should announce the exchange within several days.
Following the transaction, the SIF will no longer hold any stake in BCR and it will be the second SIF to sell its entire BCR stake this year, after SIF Transilvania (SIF3.RO).
After taking over SIF Moldova’s stake, Erste will control 87% of BCR. (EUR1=RON4.3409)