Banc Post eyes 19.6m euros in profit

Banc Post aims to post revenues worth 95 million euros in 2004, up 45.4% from last year. At the same time, the bank’s management has said that net income is expected to amount to 19.6m euros, with the net operating income set to stand at 26.5m euros.

The bank’s shareholders have recently endorsed the revised 2004 budget, as part of the Banc Post Business Plan for 2004-2006.

Banc Post logged net income worth 431.1bn ROL (some 10.7m euros) last year, twice the level posted in 2002. The bank’s assets were worth 25.406bn ROL (635m euros) on December 31, 2004, with loans accounting for 45% of this amount. Banc Post capital stands at 29.5 million euros.

The bank’s main shareholder, Greek group EFG Eurobank Ergasias, holds 53.2% in Banc Post, with the other stockholders including GE Capital (owner of an 8.75% stake) and the bank’s employees and pensioners, who hold 8% of the shares.

The European Bank for Reconstruction and Development (EBRD) and IFC are entitled to get Banc Post stakes worth up to $8m each, in exchange for two loans they granted the bank in 1998. The initial deadline for the swap expired last year, but Eurobank requested that the operation should be postponed, with a decision to be made towards the end of the year.

Banc Post last year managed more than 4.8 million accounts, held by some 2.6 million customers. The bank’s territorial network includes 164 units.

Banc Post stockholders endorsed the new management structure at the end of last week, separating the administrative from the executive. The top two executive positions have been attributed to the representatives of the main shareholder: David Watson is the new general managing director and Andreas Maragkoudakis is the deputy general manager. Elena Petculescu is still chairperson of the Board, after thirteen years in this position.

“I hope the new formula can give Banc Post even more opportunities to accomplish a daring restructuring and modernisation programme of the bank, both in terms of IT and the operating network,” Elena Petculescu said.
razvan.voican@zf.ro