Banca Comerciala Romana would not have found a buyer in today's international financial climate, and if privatisation had been delayed by a further eight months, we would have never received even 2bn euros for the 62% sold, says Sebastian Vladescu, former head of the privatisation committee and finance minister. "Had we gone out on the market seven months earlier, I think we would have got 2bn euros. What's sure is that eight months later we wouldn't have got even that. It was just lucky that we happened to be on the market during those months." Vladescu remembers that most consultants were very cautious with their estimates for a price for BCR. "The first series of bids for BCR was close to 2bn euros and the top two bidders were close to 3bn euros. The improvement of the initial bids by several hundred million euros in the final stage was exceptional." BCR's privatisation started in July 2005, when the Committee received 11 expressions of interest and ended on December 20, when Erste was chosen as the winner based on a 3.76bn euro bid for 62% in bank, which put the value of the bank at a little more than 6bn euros.
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