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BCR to continue web expansion in Romania, maybe raise share capital this year, Erste says

Romania's largest bank by assets Banca Comerciala Romana (BCR), controlled by Austrian group Erste, will keep spreading its tentacles in Romania and open new units and could also hike its share capital this year, Erste head Andreas Treichl said.

BCR should invest in the right direction and expand its retail business, Treichl said, adding that the Czech subsidiary of the group, Ceska Sporitelna, has a bigger net than BCR's, in a country half the size of Romania.

BCR's network counts 642 retail units and 50 corporate affairs centers.

The biggest Romanian bank could hike the share capital this year only if the evolution of provisions requires such a move, Erste CFO Manfred Wimmer said.

BCR raised risk provisions for loans to 628.6 million lei from 164.4 million lei in 2007, considering the tough situation on the market under the effect of the economic downturn.

The lender's social capital hiked an annual 30.6 percent to 6.36 billion lei at the end of last year. Erste controls 69.3063 percent of BCR's capital, financial companies SIF Moldova, SIF Banat-Crisana, SIF Transilvania and SIF Muntenia each own a 6 percent stake and SIF Oltenia holds a 6.1175 percent stake.

 

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Tags: capital erste sif share romania bcr

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