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Erste Bank offers to buy employees' 8% stake in Romania's BCR

Erste Bank AG, which plans to close the acquisition of Banca Comerciala Romana SA next month, will make an offer for an 8% stake that's owned by the Romanian bank's employees. BCR workers can either sell their shares for € 7.65 ($9.82) each or exchange six BCR shares for one Erste share, the Vienna-based bank said today in a statement. Erste plans to issue new shares for the stock offer, with the number depending on the acceptance rate of the stock offer. Erste, Austria's second-biggest lender, in December agreed to pay € 3.75 billion for 61.9% of the Romanian lender that's also known as BCR. „As a result of the share swap offer, employees previously invested in BCR will have a chance to become direct shareholders of Erste Bank,” Andreas Treichl, chief executive of Erste Bank, said in today's statement. (Bloomberg)