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Bulletin: Austria's Erste Group Bank Ratings Unaffected By Announced Increase In Its Stake In Its Romanian Affiliate Sep 11
Standard & Poors, Sep 2011
Abstract
PARIS (Standard & Poor's) Sept. 19, 2011--Standard & Poor's Ratings Services said today that its ratings on Austria-based Erste Group Bank AG (A/Stable/A-1) are unaffected by the group's recent announcement that it may acquire an additional 24% stake in its Romanian subsidiary Banca Commerciala Romana (BCR; not rated)). The transaction would increase Erste's stake to 93%. Erste currently owns 69% of BCR, which is the largest commercial bank in Romania with total assets of almost -17.6 billion on June 30, 2011. BCR is the second-largest operation of Erste in Central and Eastern Europe. We believe the acquisition is in line with Erste's long-stated strategy to solidify its presence in Central and Eastern Europe and to hold as many shares as...
Companies mentioned in this report are: Erste Group Bank AG
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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