Erste Bank to be listed at the Bucharest Stock Exchange starting February 14

Erste Bank, the main shareholder in Romania's largest bank by assets Banca Comerciala Romana, will list shares on the Bucharest Stock Exchange (BSE) on February 14, the Austrian based lender's senior strategy manager Arjen Janmaat said.

Five percent of Erste's shares will be registered at the Central Depositary. The date set for listing the shares was confirmed by BSE's deputy general manager, Petra Alexandru.

A total of 316.28 million shares issued by Erste Bank will be listed on BSE. The Austrian lender has a share capital of 632.58 million euros and it is the country's biggest lender.

The move is meant to catch the eye of local investors who will now have the possibility to buy the shares listed in Prague or Vienna, Janmaat said. The listing will also grant Erste Bank's shareholders the opportunity to trade their shares on BSE.

Manfred Wimmer, BCR's executive manager, said the Romanian capital market lacks major companies and Erste's listing will offer investors highly liquid shares.

Erste Bank bought the main stake in BCR in late 2006. Erste's participation in BCR now stands at 69.11 percent.

NewsIn