Erste Agrees to Raise Stake in Romanian BCR for $599 Million

Erste Group Bank AG, eastern Europe’s second-biggest lender, agreed with four Romanian investment funds to buy their 24.1 percent stake in its Banca Comerciala Romana SA unit for 435 million euros ($599 million).

Four out of the five minority shareholders, known as SIFs, will receive a total 453.9 million lei ($145 million) for their shares and a stake of as much as 1 percent each in Erste through a share swap, according to a statement from the Vienna-based lender yesterday after markets closed. The accord is pending approval from the funds’ shareholders.