Late on Wednesday, AVAS announced the final two bidders in the sale of 61.88% of BCR, Romania's largest bank. Erste Bank and Banco Comercial Portugues were admitted for taking part in the final negotiations in the privatization of the Commercial Bank of Romania.

The decision was based on the evaluation of the technical and financial offers placed by: Erste Bank, Deutsche Bank, Dexia Bank, BNP Paribas, Banco Comercial Portugues, Banca Intesa and National Bank of Greece.

The value of BCR's assets reached EUR 7.3bln, while the net profits in the first six months of 2005 soared to EUR 124mln.

Goldman Sachs evaluated the whole BCR between EUR 3.8-5.8bn. Negotiation with the two shortlisted banks will start next week.

Melania Hancila
Research Analyst Treasury Division

Finansbank (Romania) S.A.
Phone : +40 21 301 73 42
Fax : +40 21 318 09 61