Erste Group aquires minority stake in BCR from SIF Oltenia

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

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.


Adauga un comentariu
Nume *:

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

Turing Number

Tastati codul din imagine (doar cifre)  

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Discursul guvernatorului BNR, Mugur Isarescu, la conferinta EUROFI din Sofia

Discurs de încheiere la evenimentul THE EUROFI HIGH LEVEL SEMINAR 2018 (lb. engleză) Mugur Isărescu, guvernatorul BNR Distinguished Guests,
Ladies and gentlemen, I am honored to be invited to give a few closing remarks at this EUROFI detalii

OTP Bank withdrew the appeal filed against the National Bank of Romania regarding Banca Romaneasca takover

OTP Bank extraordinary announcement: OTP Bank Plc. („OTP Bank”) hereby informs the capital markets in connection with the acquisition of the 99.28% shareholding held by National Bank of Greece S.A. (“NBG”) in Romanian Banca Romaneasca S.A. detalii

B2Holding acquires a portfolio of non-performing loans sold by Banca Transilvania

B2Holding has through its Romanian subsidiary B2 Kapital Portfolio Management SRL entered into an agreement to acquire a portfolio of retail and corporate, secured and unsecured non-performing loans in Romania, according to a statement. The portfolio is sold by Banca Transilvania S.A., a detalii

National Bank of Romania decided to keep unchanged the monetary policy rate at 2.25%

NBR Board decisions on monetary policy issues (press release) In January 2018, the annual inflation rate rose significantly to 4.32 percent from 3.32 percent in December 2017, before increasing to 4.72 percent in February, slightly below the forecasted detalii