Bank is to be floated on the Bucharest Stock Exchange (BVB) by the end of 2007, according to a representative of Erste
Bank Ionut Stanimir. Erste
Bank is already listed in Austria and Czech Republic. Stanimir has also stated that the size of the share offer is not known yet.
Our view: 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.