Erste Group Bank AG (WBAG:EBS) signed a memorandum of understanding to acquire an additional 6.29% stake in Banca Comerciala Romana S.A. from Societatea de Investitii Financiare Oltenia SA (BVB:SIF5) for approximately €140 million on June 25, 2018. Pursuant to the terms of MOU, Erste Group will acquire 1.02 billion shares of Banca Comerciala Romana and will pay €0.136 for each acquired share in cash. Erste Group Bank AG (WBAG:EBS) signed a sale-purchase agreement to acquire an additional 6.29% stake in Banca Comerciala Romana S.A. from Societatea de Investitii Financiare Oltenia SA (BVB:SIF5) on August 16, 2018.

Post-completion, the stake owned by Erste Group in Banca Comerciala Romana will increased to 99.88% from 93.59%. The transaction is subject to approval from shareholders of Societatea de Investitii Financiare Oltenia. The transaction also requires approval from the Supervisory Board of Erste Group and approval from European Central Bank.

The deal is approved by Board of Administrators of Societatea de Investitii Financiare Oltenia SA. The transaction is expected to complete in second half of 2018. The transaction is expected to have a little impact on Erste Group's Common Equity Tier 1. Stefan Damian and Silvana Ivan of Tuca Zbarcea & Asociatii acted as legal advisors to Erste Group Bank.