Romania: BCR To Float Shares Within Three Years

The shares ofBCRbank will be listed within three years with or without a public offering, according to the privatization contract that was made public yesterday. The specification was reportedly required by the five financial investment funds, which are minority shareholders and hold some 30% of bank's shares. Not listing the bank within the specified deadline would by default re-activate the 75% threshold required for critical decisions in the bank's managing board – which would limit the room of maneuver of the main shareholder,Erste bank of Austria[62%]. The five SIFs have reportedly already started discussions with the Austrian investor on the future dividend policy of BCR – the main issue at stake in this regard. In related news, Erste announced it closed the subscription for €2.75 billion of fresh shares one day earlier than planned, amid strong demand. The funds will be used to finance the takeover of BCR.