Erste group gives up selling out Anglo-Romanian branch.

By bne IntelliNews January 20, 2010
Erste Group abandoned the idea of selling out the London-based branch of Romanian bank BCR, Anglo-Romanian Bank, and will rather integrate it in the group according to the groups CFO Manfred Wimmer. There is currently no demand from European financial groups and an investor from outside the Unions would face supplementary obstacles such as getting the approval from the UK supervisory bodies, explains Wimmer. Separately, the buyer should have replaced the credit lines extended by Erste as BCRs branch was not specialised in draining deposits but rather financing from other banks. Anglo-Romanian had assets of EUR 487mn at the end of 2008 and it reported EUR 3.14mn net profit in H1 2009.

Related Articles

Romania to spend EUR 37mn in 2013 to close down loss-making coal mines.

Romania's government has earmarked RON 163mn (EUR 37mn) worth of subsidies for 2013 under a programme aimed at closing down the loss-making mines of local company CNH located in the southwestern ... more

Romanias Hidroelectrica sells nearly 0.3TWh of electricity on free market.

Romanian state-controlled hydropower company Hidroelectrica sold on Thursday, March 21, in several separate contracts a total of 0.3TWh of baseload electricity deliverable between April 1 and the ... more

Romania to start privatisation of cargo railway company on April 6-8.

The Romanian government will publish the privatisation call for freight railway company CFR Marfa immediately after the consultants complete their work, probably on April 6-8, Romanian transport ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss