Money for BCR could arrive in 3 1/2 months

The payment for 61.88% in Banca Comerciala Romana could be transferred to the bank abroad in the next three and a half months, according to an estimate of the privatisation commission and Erste Bank. The banks competing for this escrow account are HSBC, ING, Citibank and ABN Amro. Sources close to the talks said that, prior to the transfer of the 3.75 billion euros bid by Erste, the Romanian party would have to meet a series of conditions. Erste Bank wants to get the supervisory and regulatory authorities to give their agreement, in principle, for the indirect takeover of BCR”s subsidiaries, such as BCR Asigurari or BCR Asset Management. Another requirement entails BCR”s General Meeting of Shareholders giving their approval for certain modifications, with the most important being the provision in the bank”s statutory document that requires all major decisions to be passed with 75% of the votes. The EGM is to be held at the end of February at the latest. ZF