Nicolae Danila: BCR Is Ready to Be Privatized

"The bank is ready for the privatization and looks highly attractive due to its results, but also due to the macroeconomic results of Romania and to the perspectives of the adherence to the European Union", Nicolae Danila, the executive president of the Romanian Commercial Bank (BCR), stated yesterday.

PROFIT. Nicolae Danila, the executive president of BCR, is pleased with the good results the bank obtained

At present, the financial institution is passing through a qualitative development process, which is a process recommended by the new shareholders at EBRD (the European Bank for Reorganization and Development) and IFC (the International Financial Corporation) and which has a period of three years.

VALUABLE. "Let’s not forget the fact that in the BCR case we don’t have to deal with a privatization of 20 or 100 million euros that would ask for urgency due to some systemic problems. In the BCR case, we have to deal with a real national niche champion, which imposes a substantial financial effort from the investors for them to purchase the control share package", the executive president considers. The BCR privatization can vary in function of the shareholders’ interests and, first of all, in function of Romania’s interests. The options go from identifying an investor or a group of strategic investors to the privatization on the Romanian or international capital market, or a combination of the two.

Last year, the bank’s audit increased by 1.6 billion euros in comparison to 2003, reaching 6 billion euros. The gross profit was 215 million euros, and, in 2003, it was 145 million euros. The bank’s network has increased by 29 units.