Business in Romania blog
The business in Romania blog writes about the Romanian business landscape, doing business in Romania, investing in Romania business and debating on business issues in Romania. Check this Blog's Policy here.

Friday, February 04, 2005
Business in Romania blog
The Romanian Commercial Bank (BCR) will be privatized by the first quarter of 2006 at the latest, said Prime Minister Calin Popescu Tariceanu on Wednesday evening.

The move comes in response to the demands of the International Monetary Fund (IMF).

Last year, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), the investment division of the World Bank, each bought a 12.5% stake plus one share in BCR for a total of $222 million.
The Romanian state holds a 44% stake in BCR while five local investment funds split the remaining shares equally.
The EBRD and IFC promised a swift restructuring program at BCR to make it more efficient and prepare it for privatization in 2006.
The two lenders will sell back the combined stake if Romania finds a strategic investor interested in buying a majority stake in the local bank.

Established in 1990, BCR is the largest Romanian bank in terms of assets, which accounted for 5 billion euros at the end of the first half of last year.

It has 4.6 million customers, a network of 315 branches and employs 12,000 people.

Expected to report a net profit of 151 million euros in 2004, it was awarded a 'BB-' last year with a stable outlook by Standard & Poor's and B1/NP/D by Moody's.

Posted by Iulia Rasoiu : 2/04/2005 09:20:00 am BCR to be fully privatized in 2006
Business in Romania blog
Business in Romania blog

Business Archives

06/01/2004 - 07/01/2004
08/01/2004 - 09/01/2004
09/01/2004 - 10/01/2004
10/01/2004 - 11/01/2004
11/01/2004 - 12/01/2004
12/01/2004 - 01/01/2005
01/01/2005 - 02/01/2005
02/01/2005 - 03/01/2005
03/01/2005 - 04/01/2005
04/01/2005 - 05/01/2005
05/01/2005 - 06/01/2005
06/01/2005 - 07/01/2005
07/01/2005 - 08/01/2005
08/01/2005 - 09/01/2005
09/01/2005 - 10/01/2005
10/01/2005 - 11/01/2005
11/01/2005 - 12/01/2005
12/01/2005 - 01/01/2006
01/01/2006 - 02/01/2006
02/01/2006 - 03/01/2006
This is a Flickr badge showing public photos from Mihai Botea. Make you own badge here.

Add Business in Romania to My Yahoo!

Previous Posts


Business in Romania Feed Burner

Business in Romania is powered by Blogger

This website is proud to be designed by Mihai Dragan

I usually listen to THIS kind of music.