Erste Bank stock gains 1.94% in first trading day on BVB

Erste is also listed on the stock exchanges in Vienna and Prague. In Vienna, the bank’s shares rose only 0.84 percent, to €38.59.

The bank’s CEO, Andreas Treichl, told Business Standard that Erste’s listing on BVB was a decisive step. “Romania is a very important market for Erste Bank. On BVB, we plan to attract especially retail investors in Romania, not only BCR employees. We hope to have long-term investors, regardless of whether they are financial investment companies, mutual funds, insurance companies or even pension funds,” he said. He did not rule out speculative deals with Erste shares.
BCR employees were given the opportunity to exchange shares they owned in the Romanian bank for Erste shares, and were expected to be among the first traders in yesterday’s session.

Erste owns less than 70 percent of BCR. Some 30 percent of the stock is owned by the five financial investment companies (SIF). The Austrian group plans to list BCR on the stock exchange, but is not currently negotiating this issue with the SIFs. “We want to control 100 percent of the banks in our group, not only 70 percent,” Treichl said. He added that BCR is to be listed on BVB in October 2009, as the contract between Erste and the Romanian state, BCR’s former owner, stipulates.

Speaking of Romania’s economic situation, Treichl told Business Standard that the coming five years will be very important for the country’s development. “I believe that we see in this period whether Romania will make it to the top, alongside the most developed countries in the region, or if it will lag behind. However, it is certain that this period will not affect the ability of retail banks to do good business in Romania,” he added.