June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

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

Published 06/25/2009, 08:06 AM
Updated 06/25/2009, 08:17 AM
ERST
-

BUCHAREST, June 25 (Reuters) - Austrian Erste Bank 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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.