Erste's listing in Bucharest expected on February 14

The shares of Erste Bank, the BCR’s majority shareholder, could be listed on the Bucharest Stock Exchange on February 14, somewhat later than expected. Originally, the Austrian bank had promised the listing would occur before the end of 2007, in order to allow BCR employees that had Erste shares to sell their investments more easily, after the one-year trading blockage period was over. In the meantime, the price of an Erste share has declined so much that around 8,000 BCR employees who own Erste shares will not feel confident about selling. However, the price could stimulate investors interested in buying. The swap of BCR shares for Erste shares was conducted at 45.90 euros per share. With the international crisis, which has also contaminated the local market, it is unlikely that other Stock Exchange listings will be performed in the first half of the year. Technical aspects were mainly to blame for the delay in Erste’s listing on the Bucharest Stock Exchange, namely adapting the systems and procedures of the local stock exchange and Central Securities Depository with those of the corresponding institutions in Vienna and Prague. Erste will be a market maker. Over the last few days, the price of an Erste share has stayed below 40 euros, despite attempts to rebound. On Tuesday, there was a low of 35 euros per share.