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SIF Transilvania buys Erste Bank shares

SIF Transilvania (SIF3) has bought in the past two weeks Erste Bank shares of some 2 million euros on the Vienna Stock Exchange. Erste Bank is the majority shareholder of BCR, the biggest bank in the Romanian banking system.

This is among the few significant investments of a Romanian company on the international capital markets. The Erste shares have lost some 40% of their value since the start of 2008, amid the turbulence on the international markets. These shares were quoted on 6 February at 36.4 euros/share, very close to the past 12 months' low, reached a few days ago. The stake bought represents some 0.017% of Erste capital. 'We think the Erste share has rise potential. The fact we are BCR shareholders and we started the investments on the foreign markets with Erste shares is a coincidence', the SIF3 head of the investments department, Dan Simionescu told Ziarul Financiar. He added the SIF would continue investing on the foreign markets, but did not say what the future investments would be. The SIF Transilvania's investment in Erste shares comes in the context in which the shares of the Austrian bank will be listed on the Bucharest Stock Exchange (BVB) as of 14 February 2008. Sursa: http://www.rompress.ro

Tags: erste shares sif bcr bvb

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