Over the last two weeks, SIF Transilvania (SIF3 - financial investment company) has purchased shares worth 2 million euros in the Austrian-based Erste Bank (the majority shareholder of the BCR) from the Vienna Stock Exchange, less than a month before Erste's listing on the Bucharest Stock Exchange, according to the SIF. This is one of the few sizeable investments made by a Romanian company on the international capital markets. Erste's shares have lost around 40% of their value since the beginning of the year amid turmoil on the international markets, and were traded at around 37 euros/share yesterday, very close to the 12-month low reached a few days ago. The stake purchased accounts for around 0.017% of Erste's capital. Although the purchase appears to indicate the interest of SIF Transilvania for Erste shares and implicitly fuels the hypothesis that the SIF intends to swap its BCR shares with Erste shares. SIF Transilvania representatives have vehemently denied any share swap. "We saw a growth potential in Erste shares. The fact that we are BCR shareholders and that we have started investing on foreign markets by acquiring Erste shares is a mere coincidence," Dan Simionescu, manager of the investment department at SIF told ZF.
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