EnglishŞ.C.
The management of the five financial investment firms (SIFs) holding stakes in Banca Comerciala Romana (BCR) late last week met with the management of the Austrian-based Erste Group, the majority shareholder in the Romanian bank, to make a decision on postponing the listing of BCR on the Bucharest Stock Exchange (BSE), which should take place this Autumn, according to the initial schedule included in the privatization contract. "We agreed to suspend the listing of BCR for two years. However, we will reconsider this decision if market conditions favour the listing," SIF Oltenia Vice President Tudor Ciurezu told BURSA.
Other similar meetings have taken place for the past two weeks as Erste seeks an agreement with the minority shareholders on the matter of listing the bank and then present it to the State Assets Recovery Authority (AVAS). Although the agenda of the meeting held on Friday included the thorny issue of increasing the share capital of the bank, it appears that a final decision has not been made. "No decision has been made regarding the increase in share capital. It is premature to decide anything on this subject for the time being," Ciurezu added.
The representatives of the SIFs repeatedly said they would participate in the share capital increase if necessary, but emphasized that several different scenarios existed for such case.
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