• Most Popular
  • Most Shared

Erste wants to delay BCR listing to 2010-11 -AVAS

Thu Jun 25, 2009 8:06am EDT

Stocks

   

BUCHAREST, June 25 (Reuters) - Austrian Erste Bank (ERST.VI) ERST.BX wants to postpone listing its Romanian unit BCR, the Black Sea country's biggest bank, to 2010-2011, Romania's privatisation agency AVAS said on Thursday.

Under a 3.75 billion euro ($5.2 billion) deal to buy BCR signed in 2005 Erste had three years to list BCR on the Bucharest stock exchange following completion to give minority shareholders an exit option.

"Even though it was not required to do so, Erste has asked for an opinion from AVAS regarding (BCR) listing ... to be done in 2010 or 2011," AVAS head Mircea Ursache was quoted as saying by state news agency Agerpres. "Given current market conditions I agreed with this (listing plans)."

Erste officials were not available for comment.

Apart from Erste, which owns a 69.3 percent stake in BCR , five Romanian investment firms own a combined 30 percent of the bank. Other investors including individuals hold the rest. (Reporting by Radu Marinas; Editing by Dan Lalor) ($1 = 0.7177 euro)



More from Reuters

Exclusive: U.S. business investment showing life

CHICAGO (Reuters) - A trade group for the lenders that finance half the capital equipment investment in the United States said on Tuesday the sharp pullback in business borrowing that marked the recent downturn moderated markedly in November -- an encouraging sign companies may be growing more confident in the sustainability of the recovery.

» More Top News
Malaysians participate in computer attack and defence hacking competition during The 3rd Annual Hack-In-The-Box Security Conference 2004 in Kuala Lumpur on October 6, 2004. REUTERS/Bazuki Muhammad
Commentary:

Year of the breach

Data security breaches are nasty business and should be avoided at all costs, writes Kevin Prince, a chief technology officer at Perimeter e-Security. Here's a look at the biggest breaches and blunders of 2009.  Commentary 

Technology
Soldiers look on as U.S. Secretary of Defense Robert Gates speaks to soldiers at F.O.B. Warrior in Kirkuk, Iraq December 11, 2009. REUTERS/Justin Sullivan/Pool

Are you pregnant? Sir! No, Sir!

There are some 115,000 U.S. troops in Iraq -- and one commander wants to make sure his soldiers don't multiply.  Full Article 

Politics