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Brokerage house Broker Cluj to restructure from grass routs, keep 2 profitable branches out of 11

Broker Cluj (BRK) will restructure its territorial network from grass routs, by keeping the most profitable branches in Bucharest and in the western city of Oradea, while the rest will be turned to offices, declared for NewsIn the Broker Cluj head, Anton Ionescu.

Each office will only employ two agents for financial investment services and the rest of the persons will be either delegated agents or authorized natural persons.

"We agreed to transform those branches with higher spendings than revenues into offices for a two-month period, which means the personnel will be reduced but will remain enough to function at maximum parameters," explained Ionescu.

The brokerage house will decide whether the two branches in Bucharest and Oradea will also be turned to offices or not after the implementation of the trading platform through global accounts, as the offices give the possibility of a tighter control.

"We will start the proceedings for receiving an authorization from the capital market watchdog CNVM for the branches to work as offices, but we regard them as profit centers and it remains to be seen which of them have financial power or maximum profitability," added Ionescu.

The new head of Broker Cluj declared at the end of April that a team was going to visit all branches and offices throughout the country and come up with restructuring proposals.

Broker makes a comeback after suspension, reports new clients

New clients approached the brokerage house in the past two weeks, after Broker Cluj had lost a couple of customers while it was suspended from trading.

Broker modified the trading software so as to avoid the errors that were produced so far.

Broker Cluj ended the first quarter of the year with losses of 2.3 million lei, revenues having dropped over seven-fold as the activity was suspended repeatedly.

CNVM placed heavy sanctions on the brokerage house at the middle of April, as a result of a control carried out by CNVM commissaries, which revealed several irregularities. The company's heads at the time, Petru Prunea and Adrian Ceuca, were banned from the capital market for five and three years respectively, while the company was fined by 724,000 lei, the equivalent of 0.5 percent of its share capital.

The investigation revealed that Broker Cluj did not respect a previous decision of the commission concerning the activity of the company's branches being suspended temporarily. Moreover, Broker Cluj transferred money from its private account to the open account where it kept clients' money, without the transfers showing in the investors' account charts. It also failed to prove that the discounts for its debtor clients were made from the company's funds and not from the clients' funds.

Broker Cluj shares are traded on the first tier of the Bucharest Stock Exchange under the BRK symbol.

 

Sursa: http://www.newsin.ro

Tags: broker offices branches brokerage house

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