BCRs takeover by Erste finally completed

12. Oktober 2006, 00:00

Erste Bank der oesterreichischen Sparkassen AG (Erste Bank) announced the completion of the acquisition of Banca...

Erste Bank der oesterreichischen Sparkassen AG (Erste Bank) announced the completion of the acquisition of Banca Comerciala Romana S.A. (BCR), the largest Austrian investment abroad.

Erste Bank has acquired 61.8825 per cent of BCR’s shares from the Romanian government, EBRD and IFC, against payment of EUR 3.75 billion. The funds were transferred on 12 October, with Citibank acting as escrow agent. The closing of the acquisition marks the completion of a two-stage privatization process in which nine European banks originally competed.

“We shall start to implement our ambitious new business plan tomorrow. Within the next 12 months, our clients will start to feel the benefits of BCR’s membership in our group through new products and ser-vices provided at EU-quality-standards,” said Andreas Treichl, CEO of Erste Bank. “With our already established EU offices we want to help our clients to get access to EU funds on favourable terms, in order to develop their business fast”.

With the takeover, Erste also implemented some changes in BCRs supervisory board. Andreas Treichl (CEO of Erste Bank) has assumed his function as the new chairman of the Supervisory Board. Manfred Wimmer (Head of Group Programme Management of Erste Bank) was appointed as vice chairman of the Supervisory Board. T

he other new members of the Supervisory Board, nominated by Erste Bank, are Christian Coreth (Board member of Erste Bank responsible for risk management), and Herbert Juranek (Head of Group IT of Erste Bank), thus replacing former members of AVAS (Gheorghe Ionescu and Joszef Birtalan), EBRD (Oliver Greene) and IFC (Thomas Krayenbuehl). The former chairman of the Supervisory Board, Daniel Daianu, agreed to remain as a member of the Supervisory Board. Teodor Mihaescu (SIF Muntenia) and Mihai Fercala (SIF Transilvania) will continue to represent the SIFS on the Supervisory Board.

With the purchase of BCR, Erste Bank Group adds Romania, one of the strongest growth markets in the region, to its existing network in Austria, the Czech Republic, Slovakia, Hungary, Croatia, Serbia and Ukraine. With a new total of over 15.6 million customers the Group will significantly strengthen its position as one of the leading financial institutions in Central and Eastern Europe, operating in a market with almost 120 million inhabitants with a retail market share of some 15 per cent.

www.bcr.ro
www.erstebank.com

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