Ion Ghica eyed for RIB management

Ion Ghica, one of the old hands on the Romanian banking market, is likely to take over the management of a new bank – Romanian International Bank (RIB), after the bank was acquired by a US financial group.

RIB was purchased by Merchant’s Bank of California and the transaction has recently received all the required authorisations. The Americans bought a 99.7% stake in RIB from the Turkish state after several months of negotiations. The transaction is estimated to stand at 6-7 million dollars.

After having resigned from the Savings Bank (CEC) in September this year, Ghica took some time off and chose to keep a low profile.

Ghica had been the chairman of the largest Romanian bank – Romanian Commercial Bank (BCR) before heading CEC.

“I cannot hide the fact that I was proposed to head Merchant’s Bank but I have not sent them an official reply so far. I intend to rest a while and clear my mind after the past period. But I am not going to stay home,” Ion Ghica told Ziarul Financiar.

Following the problems Turkey faced last year and over the beginning of this year, RIB’s parent bank, Summer Bank, was taken over by the Turkish State, which later sold it to the Turkish pension fund Oyak.

RIB is a small bank operating on the Romanian market and held 0.2% market share as for the assets. The bank has four subsidiaries.

Merchant’s Bank of California is a financial group headquartered in Los Angeles and runs money transfer operations with Romania. The bank’s current head is Daniel Jackson, whose wife is Romanian.