Erste Group has made an offer for all five SIFs

It seems that Erste Group is trying to buy them out of BCR to avoid being forced to list BCR, as privatization contract suggests. According to rumors, two of the SIFs, SIF Moldova (SIF2) and SIF Oltenia (SIF5) are still favouring the listing on the Stock Exchange while the other three SIF Banat Crisana (SIF1), SIF Transilvania (SIF3) and SIF Muntenia (SIF4) are favouring a sell. This is another confirmation of our expectation that a resolution of BCR stakes will emerge by autumn and we view this piece of news as neutral.

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