BANCI | ENGLISH

Erste Group aquires minority stake in BCR from SIF Oltenia

Trimite stirea unui prieten
Nume *
E-mail *
E-mail prieten *
Mesaj
Cod validare * Turing Number
Tastati codul din imagine (doar cifre)
195.154.184.126

Autor: Bancherul.ro
2018-06-25 12:35

Erste Group and SIF Oltenia announce the preliminary agreement for the acquisition of a 6.29% stake in BCR, according to a statement.

- Erste Group to acquire the entire stake held by SIF Oltenia in Banca Comerciala Romana for EUR 140 million

- The execution of the transaction is planned for the second half of the year 2018

- Erste Group’s participation in BCR is set to increase to 99.88%

Erste Group Bank AG (Erste Group) announces it has reached a preliminary agreement with SIF Oltenia, minority shareholder in Banca Comerciala Romana (BCR), for the acquisition of its entire 6.29% stake or 1,023,534,303 shares in BCR.

Subject to the successful completion of Erste Group and SIF Oltenia’s corporate and regulatory approval processes (Extraordinary General Meeting of Shareholders in SIF Oltenia’s case, Supervisory Board and European Central Bank in Erste Group’s case), the purchase will be implemented in a single sale-purchase transaction.

The financial terms of the transaction are as follows:

Cash for 1,023,534,303 BCR shares at a price of EUR 0.136 per share (RON 0.64 per share, based on 22th June 2018 exchange rate).

Subsequent to the completion of the transaction, Erste Group’s participation in BCR is set to increase to 99.88%. The remaining 0.12% or 19,830,840 shares in BCR are held mainly by former and current BCR employees.

The transaction values BCR at a price/book multiple of 1.35x as of Q1 2018, in line with market valuations for Romanian listed banks. The total value of the transaction amounts to EUR 140 million (RON 654 million, exchange rate 1:4.67).

The transaction would have a negligible impact on Erste Group’s CET1 Capital. The execution of the transaction is planned for the second half of the year 2018.

Erste Group in Romania – acquisition timeline

In October 2006 Erste Group completed the acquisition of a 61.9% stake from AVAS (Romanian Authority for Assets Recovery), the EBRD and IFC. In November 2006 Erste Group acquired a further 7.2% in BCR through an offer made to BCR employees. In 2011 Erste Group acquired a 24% stake in BCR from four of the five SIFs (SIF Banat-Crisana, SIF Moldova, SIF Transilvania, SIF Muntenia – each 6.0%), in an offer which involved cash and share swap.

Comentarii



Adauga un comentariu
Nume *:

E-mail *:
(nu se afiseaza pe site)
Subiect:
*
Comentariu:

Turing Number

Tastati codul din imagine (doar cifre)  



Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH



European Commission progress report on Romania under the Cooperation and Verification Mechanism

European Commission - Press release European Commission´s progress report on Romania under the Cooperation and Verification Mechanism Strasbourg, 13 November 2018 European Commission´s progress report on Romania under the Cooperation and detalii

IMF concludes visit to Romania

IMF Staff Concludes Visit to Romania (press realease): End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the detalii

Digitalization will make most traditional banks irrelevant by 2030, according to a Gartner report

By 2030, 80 percent of heritage financial services firms will go out of business, become commoditized or exist only formally but not competing effectively, according to a Gartner statement. These firms will struggle for relevance as global digital platforms, fintech companies and other detalii

Erste Group aquires minority stake in BCR from SIF Oltenia

Erste Group and SIF Oltenia announce the preliminary agreement for the acquisition of a 6.29% stake in BCR, according to a statement. - Erste Group to acquire the entire stake held by SIF Oltenia in Banca Comerciala Romana for EUR 140 million - The execution of the transaction is detalii

Ultimele Comentarii

  • mda

    @Isa .. poate tu intri in "recesiune"... eu zis ca vezi in DEX ce inseamna recesiune si sa vezi cum ... detalii

  • BANCA ROMANEASCA

    Singura banca care o doare-n cot de clienti si nu a propus nicio conversie. Va rugam daragi ... detalii

  • Securitate si comisionare

    De acor dc a nu vor fi atat de mari comisioanele dar nu cred ca TPP-urile nu vor mai comisiona de ... detalii

  • Buna masura sa bagi economia in recesiune!

    Nu pricepi ca daca intra in faliment cateva banci intram si noi in recesiune? oricum creditarea va ... detalii

  • mda

    De trei ori mai ridicata decat profitul DECLARAT al bancilor. Profitul REAL este scos din Romania ... detalii