Erste Group Increases Stake in BCR

Businessn.a. ♦ Published: October 15, 2011; 17:15 ♦ (Vindobona)

The Austrian Erste Group further expands in the difficult Romanian market. Erste Group will hold 94% in BCR then.

Erste Group Increases Stake in BCR / Picture: © Flickr / Dan Nevill (CC BY-ND 2.0)

Erste Group, which had to report massive losses this week, will raise its stake in Banca Comerciala Romana (BCR). The expected losses of € 800m for 2011 are mainly due to risk provisions in Romania and Hungary.

As a result, Erste Group realizes its purchase program step by step. Now, 24.12% of the shares should be bought. This week, the takeover of a 6% stake from the Romanian…