BCR to be listed on the BSE by end of 2010 or in 2011

Romania's largest lender by assets Banca Comerciala Romana (BCR) will be listed on the Bucharest Stock Exchange (BSE) at end of next year or in 2011 the latest, said the head of the state assets recovery body (AVAS), Mircea Ursache.

The Austrian banking group Erste took over the majority stock in BCR in October 2006 and the privatization contract urged Erste to list BCR in three years time from the acquisition.

The executive head of Erste, Andreas Treichl, declared in February that the BCR listing should be postponed for the proper moment due to poor capital market conditions.

Ursache declared on March 3 for NewsIn that he supported the Erste initiative to postpone listing for an undetermined period, adding that there are no sanctions in the privatization contract that could be imposed on Erste if it fails to list BCR in the agreed period.

Florian Buzatu, head of investment company SIF Oltenia (SIF5), the second largest BCR shareholder after Erste, declared in April that the BCR listing on the Bucharest stock market would not be proper earlier than the end of 2010, when the financial turmoil is anticipated to end.


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