Reuters reported, Stere Farmache, the head of Romanian bourse, reiterating market rumours that Erste Bank is likely to be listed at the Bucharest Stock Exchange this fall. The size of the float has not been disclosed yet.
The possibility of listing Erste Bank shares, within 3 years, on the BVB had been flagged during the initial purchase announcement, and maintained in November 2006 in front of the employees shares offer. Erste Bank is currently holding 69.11% of the BCR shares and according to the privatisation agreement has to list the bank shares on the BVB by the end of 2009. It is widely known that Erste Bank would like to buyout a 30.1% stake held by SIF’s before the offer. We do not expect the news to have any significant impact on the stock trading.