Tensions among the five SIFs (financial investment companies),holding over 30% in the BCR - the largest bank in the system, andAustrian group Erste, the bank's majority shareholder, haveintensified in the past few months, considering that 2011 isexpected to be another year without dividend payments and Ersteofficials have implied they are not willing to list the BCR on theStock Exchange very soon.
Listing of the BCR on the Bucharest Stock Exchange within threeyears from privatisation, as well as payment of a dividendcorresponding to at least 40% of the profit, calculated in linewith international accounting standards, are the commitments thatAustrian group Erste took in 2006 when it acquired 61.8% in BCR.Although mandatory, at Erste's request made in 2009, the SIFsagreed to put off listing preparations for another two years, untilOctober 2011, and last year approved the capitalisation of theprofit to avoid taking part in a 100 million-euro capitalincrease.
However, recently the bank's chief executive, Dominic Bruynseels,said BCR's listing depended on stock exchange liquidity: "It is nota question of time, but one of size. Liquidity still needs tosignificantly improve in order to highlight the value of the BCR."The Erste Group owns 69.3% of BCR's capital through an Austrianholding it controls.
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