Banca Comerciala Romana to be sold next year

The commission for the privatisation of Banca Comerciala Romana (Romanian Commercial Bank-BCR) will submit to the Government, by the end of August, the bank’s privatisation strategy. During the first part of next year, the short list of potential investors is to be known, Nicolae Danila, the bank’s chairman, stated yesterday.

“We are sure that results registered last year and during the first half of this year, which in fact confirm the bank’s leading position on the Romanian banking market, will boost investors’ interest,” Danila stated.

Referring to the bank’s privatisation strategy, BCR chairman commented it would be rather complex, and, if “a sole investor is to be included, this will have to be extremely complex so as to become integrated within the entire BCR group.”

Following its merger with Bancorex, BCR is a genuine group that, beside current activities developed by the bank, also holds contributions to some subsidiaries from abroad, in Omniasig and Asiban insurance companies, Intermob and Finarex securities companies, as well as in various financial companies.

Referring to the considerations issued by Standard&Poor’s rating agency, which showed in a report that autumn elections will delay privatisations within the banking system, Danila stated that neither this year’s electoral process, nor any other political event would influence the bank’s privatisation process. “I would not link elections or political scene movements to the privatisation of BCR,” the bank’s official said.

BCR registered on the first half of this year net profit of over 1,525 billion lei, as compared to 1,176 billion lei, the profit posted on the entire last year.