Erste Group finalizes transaction with SIF Moldova for 6% in Romania's BCR

Erste Group Bank AG has finalized the transaction with SIF Moldova to acquire its 6 percent stake in Romanian lender BCR. SIF Moldova will receive Erste shares and EUR 28.4 million in cash. This deal comes after Erste Bank already agreed to buy stakes in BCR from the four other SIF investment funds in September this year. SIF Moldova has however obtained a higher price per profit share – from RON 0.1 per share in the previous deal to RON 0.5 per share. In exchange, SIF Moldova waives rights to request the listing of BCR and to special dividends. After this deal is closed, SIF Moldova will hold up to a 1 percent stake in Erste Group. Austrian Erste Group, the majority owner in the largest Romanian lender BCR, has agreed to purchase a 24.12 percent stake in the Romanian lender from the four SIF minority shareholders in the bank, in a combined share swap and cash deal worth some EUR 435 million in total. SIF Banat Crisana, SIF Transilvania, SIF Muntenia and SIF Oltenia will sell 24.12 percent or 2.6 billion shares in BCR to Erste Group, and, like SIF Moldova, give up their rights to request the listing of BCR and to special dividends. Erste Group’s participation in BCR is set to increase to 93.52 percent.

(photo source: Erste Group)