According to Reuters, Romanian Senate approved the sale of BCR to Erste Bank. The deal still needs to be approved by Chamber of Deputies, the lower house of the Parliament, to enter into force.
Our view:
We view this news as positive as this is another step forward towards the finalization of transaction. The deadline was set by Erste Bank and Romanian government at September 21. We do not expect the news to have any impact on the stock price today. We reiterate our Buy rating with a fair value of EUR 50 per share.