1. "The deal is very expensive, in our view, but it is key to the continuing momentum of the Erste Bank story," said Christopher Wheeler at Bear Stearns: "Although the shares are likely to be under some pressure while the market awaits the equity offering, we believe the long term story remains intact." However, Paul Formanko at JP Morgan was more upbeat: "Acquisition of BCR is likely to increase the profits contribution from non–Austrian operations to about 75 per cent from 65 per cent currently and to extend Erste‘s retail client franchise from 12.5m to 15.3m throughout Romania, Czech Republic, Slovakia, Hungary, Croatia, Serbia and Austria – truly a Christmas wish for many European banks." Although Banco Comercial Portugu ês (BCP) failed to win control of BCR, the shares jumped 8.2 per cent to òÂì2.24 as investors reacted with relief to the fact that Portugal‘s largest private bank had not overpaid to win the deal.