BCR getting ready to sell gold to retail clients

BCR, the biggest domestic bank in terms of assets, is gearing up to enter the niche of gold sales to individuals, where only Greece’s Piraeus is operating for the time being.

Gold has this year brought a return of around 40% to investors, thus being one of the most profitable investments, just like in 2009, when it had climbed by 32%.

Over the past two years, BCR, controlled by Austria’s Erste, has sold financial gold only to private banking clients, who have a greater financial power and are seeking ways to diversify their investments. Usually, the minimum quantity that had to be purchased stood at 5 kilos per deal, but smaller deliveries were also negotiated.

As part of its new retail strategy, BCR is getting ready to sell gold bullion and coins issued by the Austrian Mint, starting from very small sizes, of just two grams, to one kilo.

BCR will sell gold through certain selected branches, but Răzvan Furtună, head of the sales department of BCR Treasury, has not provided any further details for the time being.