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.

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