Erste Widens Its Stake In Romanian BCR To 88%
Austrian Erste Group Bank (EBS.RO) on Monday announced it has taken over another 6% in Romanian lender BCR, following deals struck with the five regional investment funds, or SIFs, widening its overall stake to 88%.
SIF Moldova (SIF2.RO) obtained an approximate 1% in Erste for its 4.74% stake in BCR, according to an Erste news release.
Erste announced mid-September that it has concluded an agreement in principle with four of the five SIFs, namely SIF Banat-Crisana (SIF1.RO), SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO) and SIF Oltenia, to buy their overall 24.12% in BCR in several trasactions estimated at a total EUR435 million.
The transactions would involve several operations of cash payments and stake exchanges. Later, SIF Moldova (SIF2.RO) accepted Erste’s proposition as well.
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