Romania: BCR’s Sale To Erste Postponed Until September 21

21. Juni 2006, 00:00

The Government decided yesterday to extend the deadline for the approval of the sale of Banca Comerciala Romana (BCR)...

The Government decided yesterday to extend the deadline for the approval of the sale of Banca Comerciala Romana (BCR) to Austrian Erste Bank with three months, because the Competition Council has not issued an opinion on the operation yet. According to the privatisation contract, the document was supposed to be endorsed  by the cabinet in Bucharest on Wednesday, June 21.

The Government Spokesperson, Oana Marinescu, said that the postponement had been decided because of the delayed answer from the Competition Council. The Council asked for additional documents in order to be able to give an opinion, added Marinescu. The decision regarding the extension of the term was published in the Official Paper on Wednesday.

Initially Erste Bank was due to transfer to Romania the value of the 61.88 per cent stake in BCR by June 26 but Romanian authorities and Erste Bank have agreed to extend the deadline by three months, given than an answer is waited for from the Competition Council with respect to the State-funded aid to Bancorex.

www.gov.ro

www.bcr.ro

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