Erste appoints Pogonaru to BCR

The Austrian Erste Group has appointed its two representatives that are to participate in all the management meetings of the BCR until the actual takeover of the largest bank in Romania is complete, banking sources told ZIARUL FINANCIAR. Florin Pogonaru, chairman of the Association of Business People of Romania (AOAR) and Manfred Wiemer, chief executive of Erste Bank were appointed to supervise every operation and decision of the current BCR management until the takeover of the bank is complete, when Erste will put its own people in executive management positions. They are required to sit in on every meeting of the BCR”s executive committee, which handles the day-to-day operation of the bank, but may not vote. They are also required to participate in the meetings of the Supervisory Board and the shareholder meetings. The executive board is run by Nicolae Danila and the Supervisory Board”s chairman is Daniel Daianu. According to the privatisation contract, Erste has to appoint a team of ten people to oversee the transition. The Austrians won the tender for the takeover of 62% in the largest Romanian bank, for which they have to pay 3.75bn euros in three months. Erste is to release the largest share issue in the whole of Austrian history to raise the 2.4bn euros which it needs to pay for BCR.