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Ş.C.
The State Asset Recovery Authority (AVAS) has agreed with Erste"s proposal to postpone listing Banca Comerciala Romana (BCR) on the Bucharest Stock Exchange (BSE) until 2011, according to AVAS President Mircea Ursache.
"We will accept that the listing of BCR be postponed for 2010-2011, notwithstanding the coercive clause of the BCR privatization contract enabling the State to force the majority shareholder to list the bank on the stock exchange by this Autumn," Ursache added. According to him, Erste consulted the State on the matter of postponing BCR"s listing early this year. AVAS responded that an agreement would depend on the consent of the financial investment firms (SIF) holding minority stakes in the bank.
The risk of not having BCR listed on BSE in October 2009, as stipulated in the privatization contract, started to become increasingly probable in the second quarter of the year as BCR Executive President Dominic Bruynseels stated in mid-May that listing the bank had become inopportune because of market conditions. He said at that time that the bank did not have a specific plan for becoming listed.
Erste management have had increasingly frequent meetings with representatives of the SIFs for the past month. Ultimately, the SIF agreed last Friday to postpone listing BCR by up to two years. However, the listing make take place sooner than 2011, if market conditions allow it.
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