Erste reaffirms commitments to BCR

“Even though the interest in BCR has been transferred to EBG Ceps Holding, ultimately, Erste Group remains the sole majority shareholder of BCR. Erste’s exposure to BCR and Romania remains unchanged. Erste Group will meet its commitments it took on when it bought interest in BCR in the new ownership structure imposed for Erste’s CEE subsidiaries. The same commitments have been made by EBG as well”, said Ionut Stanimir, spokesperson of Erste.

Prior to Erste’s official statements, sources closed to the issue said that after the meeting at Vienna, the parties have signed an addendum to the agreement between the financial investment companies (BSE:SIF) and Erste Bank on sticking to the terms agreed by Erste when it acquired majority stake in the Romanian bank.

Under the provisions of the privatization contract, Erste has committed to list Banca Comerciala Romana at the Bucharest Stock Exchange within two years and to payout 40% of net profit in the form of dividends. As for the listing, the financial investment companies that hold around 30% of BCR and Erste Bank have agreed on putting off the listing for another two years due to tough market conditions.

Financial investment companies have held another meeting last week to tackle capital hike and dividend policy issues, “but nothing has been decided yet”.