The two financial groups, Erste Austria and Millennium BCP (Portugal), vying for the takeover of Banca Comerciala Romana, the last major state-controlled bank in Eastern Europe, have one week left until they make their final financial bids.

After the conclusion of the talks that had been carried out over about three weeks, Erste and Millennium have around eight days to think about how much money they are going to put on the table of the Privatisation Committee to buy one third of the Romanian banking market, which currently amounts to 30bn euros, but is expected to gain momentum over the next five years, above the average of other countries in the region.

The latest information on the market shows the winner will be picked and the privatisation contract signed in December. The money is scheduled to be transferred in April next year

The Austrians and the Portuguese have to choose between maintaining the initial price offered in the first phase of the bidding process, or topping it. Two weeks ago, Millennium''s chairman, Paulo Teixeira Pinto, was quoted by Reuters as saying that "For those assets (BCR i.e.) under those conditions I won''t change a cent (of the bid i.e.)." He added he had not seen the correct price offered by Millennium cited in the media.

Erste has not made any comments on the bid submitted for BCR until now. In any case, whoever wins this battle will have to sign a cheque for more than 3bn euros for 61.88% in BCR, and the chiefs of the banks will not rest easy for a long time from now, given that they will have to prove to their own shareholders that the price paid was worth it.

Analysts believe the price for BCR will be the highest paid for a bank in the region. Whereas deals in the banking world are usually closed for a price that is two or three times higher than the net asset value (total