Erste Bank wins BCR

BUCHAREST (AP) – Austria’s Erste Bank became the majority owner of the Romanian Commercial Bank (BCR) after submitting a bid worth 3.75 billion euros for a 61.88 percent stake in the bank, the finance minister said yesterday. Erste Bank outbid Banco Comercial Portugues in the race for BCR, which was seen as one of the best opportunities for establishing a strong presence in a rapidly developing market. «I believe this privatization will strengthen Romania’s banking sector,» Finance Minister Sebastian Vladescu said.