Erste Bank - CEO interview
In an Interview in the Austrian daily Wirtschaftsblatt Erste Group CEO confirmed its interest in expansion in Poland and in Serbia. Also the management restated its plan to turn-around BCR in 2013, which is also confirmed by BCR's stand-alone targets (in local accounting standards) published last week.
We don't expect the information to be new for the market. While Erste was obviously in talks with Polish Alior Bank we believe that current valuation (MCapEUR 1.1 bn, price/book 2.1x) would not make Alior a target for Erste as an acquisition would immediately trigger a capital increase. In Serbia Erste is reported to have an eye on the local Hypo-Alpe-Adria entity.
Oltchim - rumors say that the company may enter the insolvency procedure
According to rumors, the chemical producer Oltchim (OLT) may enter the insolvency procedure. According to the same source, the company may initiate a restructuring program that may include collective dismissals. New information should be available in the coming days after the Ministry of Economy will present today the situation of the company in front of the Government together with his proposed solution.
