NBR rejects establishment of Becali Bank

The Board of Governors of the National Bank of Romania (NBR) has rejected in its July 24 meeting the application to establish Becali Bank, the credit institution that businessman George Becali, who also owns Steaua football club, wanted to set up, according to banking sources. Becali stated at the end of March that he had submitted the necessary documentation to the NBR, and that the bank would have a 30 million-euro share capital. The businessman hired a team of former bankers to supervise the project. In line with regulations in force, the NBR is analysing the source of funds intended for use as capital, the transparency of this source, how sound the shareholder?s financial situation is, and the shareholder?s ability to uphold the credit institution financially. The central bank can reject the application if individual shareholders have been the subject of an investigation, are, or have been, involved in administrative or legal action over the last 10 years, which has resulted in sanctions or a ban.