SIFs do not intend to sell BCR shares

Financial investment companies (SIFs) do not intend to sell the shares they own in Banca Comerciala Romana (Romanian Commercial Bank – BCR), totalling about 30% of the bank”s capital yet, because their stakes are profitable, say SIF officials. “From the talks we have had with Erste”s managing team and with the other SIFs results that no SIF is for the time being willing to sell its stake in BCR. We haven”t considered this option yet and nor is Erste in any hurry to buy our shares,” stated Mihai Fercala, chairman of SIF Transilvania. Erste Bank has announced that it would submit a tender offer for BCR shares owned by employees in the third quarter, an offer that would cover a three-year period. In case the minority shareholders agreed to sell their shares at a price of 7.65 euros / share, which Erste would pay to the state, the Austrians should pay some 2.3 billion euros for these shares, 1.8 billion euros of which for SIF”s stake. The SIF Transilvania official mentioned that the SIFs have nothing to lose if payment of dividends is guaranteed. ZF