EnglishErste Bank"s listing on the Bucharest Stock Exchange (BSE) could be done this year though the so-called passporting, meaning that BSE will acknowledge the shares traded on the Vienna and Prague Stock Exchanges. "The essence of this approach is that Romania is a member of the European Union, whereas Erste Bank has already been accepted for listing in not one, but two EU members. Thus, there is no longer a need to go through the complete procedure for listing. It"s similar to having an Austrian education diploma acknowledged in Bucharest," said Erste Bank Spokesperson Ionut Stanimir.
All the 316.28 million Erste shares currently traded in Vienna and Prague will also be listed on BSE. Passporting presents advantages to both the company and the exchange. "Bureaucracy is simplified for everyone," Stanimir added. The bank will not have to use a capital increase or a secondary public offering, whereas the Central Depository will have a real time connection to the Erste Depository in Vienna to perform post-trading operations in real time after the bank is included on BSE.
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