Romania’s SIF5 Seeks Higher Price for Erste Unit Stake, ZF Says

SIF Oltenia SA (SIF5), a Romanian investment fund, is seeking a higher price for a minority stake in Banca Comerciala Romana SA after it agreed last year to sell it to Erste Group Bank AG (EBS), the bank’s owner, Ziarul Financiar reported, citing unidentified people in the market.

The fund increased its stake in BCR to 6.58 percent from 6.1 percent after adding 8 million euros ($11 million) to the bank’s capital last year and now plans to renegotiate a deal with the Austrian lender for the share sale, according to the Bucharest-based newspaper.

Erste agreed last September to pay 124 million lei in cash and swap some BCR shares with its own to each of the five Romanian funds, known as SIFs, that agrees to sell its 6 percent stake in the Romanian lender. The SIFs would hold a 6 percent stake in Erste following the share swap.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net