Brokers say BCR employees will be main investors in Erste shares

Mihai Piscan, EFG Securities broker, indicated that the SIFs, BCR employees, and Romanian investors will be attracted to Erste Bank’s fundamental indicators, but high fees and market conditions will fail to attract many investors.

Erste Bank shares enjoyed significant growth on the Vienna Stock Exchange (WBAG), of 4.54 percent, or up to €38.41 a unit. Erste is worth €12.11 billion on WBAG, which means that the listing value in Bucharest will be double that of Petrom’s capitalization, the largest company on BVB.

Petrom is worth €5.75 billion, while BRD, the largest bank listed on BVB, is worth €3.93 billion.

The price of Erste Bank shares will limited on the first day of trading, and may not vary more than 15 percent (+/-).

BCR will be the first market maker for Erste Bank shares. According to market sources, Wood&Co could be another market maker for Erste.