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Erste supports BVB image

The shares of the Erste Group Bank, which is the main shareholder of the Romanian Commercial Bank (BCR), maintain on a 'plus' six months after the listing on the Bucharest Stock Exchange (BVB), even with the BVB market currently eying a downward trend, Adevarul daily reads on Friday.

This six-month interval can be thus considered as a test first for the capacity of the BVB to integrate an issuer with a stock exchange capitalization three times higher than the famous 5 Financial Investment Companies (SIFs). From the perspective of the issuer of such shares carrying an EBS stock exchange symbol, such shares had a positive role with a double valence.

On one hand, the listing on the BVB helped the bank respect a commitment before its employees: to offer them the possibility to trade their shares via the BCR privatisation programme.

'We are very content with the results of the decision to list the bank on the BVB. We made a promise to our employees in Romania to offer them the possibility to sell their shares on the local market and we had to respect it,' Michael Mauritz, spokesperson with the Austrian financial banking group said.

The EBS shares were traded on Wednesday at the level of 149.2 lei (42.5 euros), that is by 5.5 more compared with the closure value on February 14. In this interval there were traded almost 4000,000 shares worth 300 million euros (85.7 million euros).

On the other hand, the operation succeeded in promoting the image of Erste in Romania and confirmed the progress made by the Romanian economy in the European Union (BCR holds an important part in the shares of the Austrian group).

'Even with the trading volume of our shares on the Bucharest Stock Exchange having been smaller than that on the stock exchanges from the Czech Republic or Vienna, what counts is the upward trend. This is a sign of trust in Romania and in the obvious progress after the integration,' Mauritz said.

The evolutions on the market confirm than rather than the main BVB market, whose indexes dropped in the same interval by 30 percent, the Erste shares reflect quite accurately the evolution of the Romanian economy, with BCR having obtained significant financial results on the group level, with a contribution of more than 24 percent in the net profit in the latest six months.

Sursa: http://www.rompress.ro

Tags: stock erste shares bvb bcr

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