Initially published in www.romania-report.ro -- Oct 17, 2005
The Romanian Commercial Bank (BCR) privatization commission is to get today the offers from bidders interested in acquiring the 62 percent stake. The final negotiations will be performed with the first two higher bidders.
Among those interested to takeover BCR one should find Fortis, Banco Comercial Portugues, National Bank of Greece, Banca Intesa, Deutsche Bank AG, Erste Bank AG, Dexia, KBC and BNP Paribas.
The short list includes Deutsche Bank, Belgium’s Fortis and French BNP Paribas.
Dow Jones Newswires: Deutsche Bank's bid to buy a 61.88% stake in Romania's Banca Comerciala Romana SA (BCR.YY) could be a good investment if the price is right, but with 10 bidders the rule of thumb is the price will be too high, says Kepler Equities. Says Romania will be an E.U. ascension candidate, so you could see a sharp rise in the country's GDP.
Romania isn't a rich country, with an average GDP per capita of approximately $2,000, says Kepler. Has Deutsche at buy, EUR87 target. RCB upgrades Erste Bank (EBS.VI) to buy from neutral based on recent drop in share price. But RCB points out that this recommendation is more speculative than usual given the current state of the race for Romania's BCR.
Purchase of BCR would lift Erste Bank to No-2 position in central and Eastern Europe, increase corporate exposure and shift focus toward "high-potential" south-eastern European markets. Maintains target price of EUR47.
Romania Report
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