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Listing BCR on the stock market untimely before the end of 2010, SIF Oltenia director says

The listing of Romania's largest lender by assets (BCR) on the Bucharest Stock Exchange (BSE) would not be timely before the end of 2010, when the financial crisis is anticipated to terminate,declared for NewsIn Florian Buzatu, director of SIF Oltenia (SIF5), second shareholder of BCR after Erste.

BCR is controlled by Austria's Erste Group with 69.30 percent, while the financial investment companies each own around 6 percent of the capital, SIF Oltenia having the largest package of 6.12 percent. "The end of the crisis would be a good opportunity to list a company on the stock market, but now it is not be timely because the listing price would be too small," Buzatu said. BCR should be listed by year-end, according to an agreement inked through the privatization contract with Erste Group. Erste Bank financial director Manfred Wimmer declared at the end of February that Erste plans to postpone the BCR listing because the capital market evolution this year would make it a wrong move. The head of the state assets recovery body AVAS Mircea Ursache declared at the beginning of March there is no contractual clause to sanction Erste if BCR is not listed by the established term.

BCR's supervisory board counts seven members. Five of them are appointed by Erste Bank, the majority shareholder, and the other two are named by the five financial companies with stakes in BCR. The five SIFs are represented by Mihai Fercala, president of SIF Transilvania, and Tudor Cirezu, vice president of SIF Oltenia. BCR management will propose shareholders to distribute 40 percent of the net profit obtained last year under the form of dividends. The BCR group obtained a net profit after tax and minority interests of 2.03 billion lei (541 million euros) after the sale of participations owned in Asiban, the Italian Romanian Bank and insurance activities. Total assets advanced 9 percent last year to 69.08 billion lei.

 

Sursa: http://www.actmedia.eu

Tags: bcr director erste percent oltenia sif stock market listing

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