Erste Bank attempts to boost BCR Chisinau's business

Erste Bank, the majority shareholder of the BCR, intends to support BCR Chisinau, the subsidiary in the Republic of Moldova set up by the BCR in October 1998, even though it rarely mentioned it in its plans. “We have no intention of selling the bank, but will try to boost turnover,” says Andreas Treichl, CEO of Erste Bank. At the end of last year, BCR Chisinau reported net profit worth around 4.5 million euros, up 132% on 2006, and assets worth over 88 million euros, up 77% on the previous year. The bank increased its market share by 1%, from 3.58% to 4.57%, although it has just one branch, two offices, two exchange offices and six ATMs. The ROE (return on equity) stood at 33.9% and the return on assets (ROA) at 5.89%. BCR is the sole shareholder of BCR Chisinau. At present, the Moldovan bank still uses the BCR’s old logo, which was rebranded last autumn and represents the affiliation with the Austrian group Erste Bank. In fact, the bank does not feature amongst the Erste group’s Central and Eastern Europe divisions, nor is it mentioned in financial reports.