BCR may open for IFC and EBRD

Premier Adrian Nastase has made up his mind about the privatisation of Banca Comerciala RomA„sna (Romanian Commercial Bank – BCR), after two failed attempts to find a strategic investor. Nastase feels that BCR is perfectly managed and that the bank could very well remain in the state property. However, the IMF has extended the current stand-by agreement to August 2003, just to see the kickoff of BCR privatisation. The Premier admits “we must secure a private shareholding structure at BCR, open to the World Bank (i.e. IFC) and the EBRD, which want to buy shares.” “Then we’ll see, when a powerful private investor comes along,” Nastase added. ZF