Banca Comercială Română

Banca Română Comercială S. A. (abbreviated BCR, pronounced: bä - tschä -rae ) is the largest bank in Romania. It was established by Government decision on 1 December 1990 to offer after the end of communism financial services to the emerging private sector. In 2005 it was privatized, with the Austrian Erste Bank acquired the majority of shares. Since it is part of Erste Group. The Bank is now a universal bank with retail and business banking and has branches in all circles of Romania.

Foundation

Nearly a year after the Romanian Revolution of 1989, the Banca Română Comercială was established by Government Decision. In the transition from the communist planned economy to a private-sector market economy, the BCR should take the appropriate banking services for the former state-owned enterprises and newly established private companies. The legal form of a joint stock company was selected. The BCR assumed responsibility for the loan portfolio of the former state-owned enterprises by the National Bank, which until then was not only central bank, but had occurred in the communist economic system as a commercial bank. With the founding decision, the BCR started its activities by December 1, 1990, the staff of the Romanian National Bank ( Banca Naţională a României - BNR ) was obtained. The balance sheet total at the foundation amounted to 273 billion old lei ( ROL ), the assets at 269 billion lei consisted mainly of bank loans. The non-cash contributions amounted to only 26 billion lei.

With 5,300 employees and 100 branches BCR began in the first year. This period was marked by a difficult economic environment present in the reconstruction and rehabilitation in the complete collapse of Romanian industry and agriculture. The majority of customers were former state-owned enterprises, which were currently in the process of privatization. Some of them were able to successfully find investors willing to continue working under private management and thus use the open credits, others were insolvent and put into operation a. In this difficult time, the BCR also opened to the private client business and thus became a universal bank, which offered services such as savings account and checking account management. This could significantly improve their liquidity. By acquiring smaller banks and opening its own stores doubled to 1995 the number of employees as well as the branches.

In 1997 succeeded the Banca Română Comercială the first Romanian bank to launch a bond in the international capital market with no guarantee of the Romanian government. With Merrill Lynch as underwriter were able to $ 75 million from investors to be included in the U.S. and Europe. The BCR was able to develop into the largest bank in Romania by it.

The years 1998 and 1999 were marked by the ruble crisis which affected Southeast Europe. The international financial markets lost confidence in the short term, the economies of Eastern Europe, so the issue of bonds was temporarily impossible. However, the BCR could survive this turbulent period. In 1999, the Romanian government decided to point out to begin a program of privatization of state banks. As the first major bank, the Romanian Development Bank was sold to the French Societée generals, who then as BRD - Groupe Société Générale was the primary competitor in the Romanian banking market. Both major banks together controlled 66 % of the market in 2002.

The BCR expanded at this time on. In 1998 she opened a branch in Chisinau their business in Moldova, 2000, a branch was opened in Cyprus. In 2001 they acquired the Anglo - Romanian Bank in London and opened an office in 2002 in New York. In 2004, the Anglo - Romanian Bank acquired again the Banque Franco Roumaine in Paris and Frankfurt Bucharest Bank.

Privatization

In 2005, the Romanian government decided to privatize the Banca Română Comercială. In December of the year finally received the Austrian Erste Bank the contract, to acquire the majority of shares. The first acquired 61.8825 % of the shares at a price of 3.75 billion euros. A share of 37 % of the shares acquired the first case directly from the Romanian Government, as well as 12.5 % of the European Bank for Reconstruction and Development and of the members of the World Bank's IFC.

This purchase made ​​at that date represents the largest foreign investment ever made by an Austrian company. At the same time, the first by the largest foreign investor in Romania. The relatively high book value multiplier of 5.8 presented here a sensation dar. analysts had at that time a value of the entire bank of less than one billion euros calculated. However, the first bank wanted to round out its expansion in South East Europe and the BCR was at this time the only Romanian bank, which had not yet been privatized.

At the time of acquisition, BCR had 12,000 employees and 2.8 million customers. Subsequently, it was integrated into the Erste Group and modernizing the banking business technically. By 2007, the number of employees was reduced to 10,600 by the end of 2008, it dropped to 9,985.

In 2007, the previous logo was changed and adapted to the appearance on the international occurrence of Erste Bank. In 2008, Erste Bank acquired an additional 8 % of the shares of the Romanian Government issued later in an employee stock ownership plan. In the same year, the BCR has been consolidated into the listed Erste Group, which summarizes eight Eastern European subsidiary banks of First in a holding company. This could get back a part of the 2005 spent purchase price of the BCR from the capital market, Erste Bank.

Until 23 December 2007, the former Romanian Finance Minister Daniel Dăianu was a member of the Supervisory Board. Since he was elected to the European Parliament to the European Union for the PNL after Romania's accession, he resigned the office to avoid a conflict of interest.

Business

The bank currently operates 367 branches in all 41 Romanian counties and serves 2.5 million retail customers and 300,000 corporate customers. In addition to business and residential customers, the Bank now operates several subsidiaries that are engaged in leasing, insurance and investment banking:

• BCR Leasing
• BCR Securities
• BCR Asigurări
• BCR Asset Management

Shareholder

The BCR is not even listed. In addition to the Austrian Erste Bank five regional Romanian investment companies are involved in the bank. The exact shareholder structure is currently as follows:

Pictures

Branch in Vălenii de Munter, Prahova county