Friday, February 15, 2008

Foreign Bank Lists On Romania Market

BalkanInsight.com

14 February 2008
Bucharest _ The first foreign company, Austria's Erste Bank, has listed on the Bucharest Stock Exchange, BVB, on Thursday.

The opening price was Lei 139.1 per share, which is the equivalent of €38..27, the value of an Erste Bank share on the Vienna Stock Exchange on Wednesday.

In 2005, Erste Bank bought Romania's Commercial Bank, BCR, the country's leading bank.

BCR employees were offered the opportunity to either sell their shares to the new owner, or trade them in exchange for Erste Bank shares in November 2006. More than 6,500 Romania's have Erste Bank shares, which is slightly more than 1% of the Austrian Bank's registered capital.
Andreas Treichl, Chief Executive of Erste Bank, said he believed that Romanian share holders would not sell their shares in the near future.

He also said that the Romanian Stock Exchange is likely to become more and more important in the next few years, and could compete with the Vienna Stock Exchange.

Erste Bank has registered capital of €632.58 million and listed all its 316.28 million shares.

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