Eximbank restructuring to end in 2002

The restructuring of Banca de Import Export a Rom=niei (Romanian Import and Export Bank) Eximbank will be completed no later than the end of 2002 and will be achieved with the help of a banking consultant, to be appointed by tender, following the World Bank’s approval of the specifications.

The specifications will be considered by World Bank’s Board within the PSAL II programme in September.

“Also in September we will present the audit of the financial situation by June 30, 2001, most likely conducted by PricewaterhouseCoopers, which has been the bank’s regular auditor for several years now. Following the endorsement of specifications, we will hold a tender to select the banking consultancy service to implement the restructuring plan. The laws regulating Eximbank’s activity will also be modified by mid 2002, due to the restructuring,” Mariana Diaconescu, chairman of the bank, said.

Eximbank’s operational reorganisation involves relinquishing retail and focusing mostly on support for Romanian exports, and less on the performance of the bank’s financial indexes.

“It is not about incurring losses, it is just that our main goal will not be optimising profit, but boosting exports. This is why the Privatisation Authority, which holds 75% in the bank, will negotiate with the SIFs (Financial Investment Companies) to find ways to convert their 25% in case they have something against the new strategy,” Diaconescu added.