Autor: Razvan Voican | Data: 16 Ian 2008
Erste Bank, the majority shareholder of BCR, has started preparations for the sale of the Anglo-Romanian Bank, one of the largest subsidiaries of BCR (Romanian Commercial Bank) Group. The Anglo-Romanian Bank operates in London, Frankfurt and Bucharest.
"We have come to the conclusion that the Anglo-Romanian bank is very attractive for players outside the European Union. Erste Bank has its own subsidiary in London. The one in Frankfurt is more useful for investors outside the EU than to us, and the BCR is fully able to cover business in Romania," explained Manfred Wimmer, CEO of the BCR and former strategy manager of Erste Bank.
Originally, the Austrians were inclined to keep the Anglo-Romanian Bank (ARB), be it simply for the fact that they did not have any other subsidiaries in important financial centres, such as Frankfurt.
Otherwise, the ARB could attract investors that want a London banking licence, which is quite difficult to secure.
The bank was created in 1973, in London, as a joint venture between Barclays Bank, JP Morgan Chase and Bancorex (The Romanian Bank for Foreign Trade).
In 1998, ARB was fully taken over by Bancorex, but came under the ownership of BCR in 2000. In 2004, the ARB absorbed the other BCR Frankfurt and Paris subsidiaries.
The bank focuses mainly on the corporate segment and provides complex financing solutions.
The Anglo-Romanian Bank is the first credit institution on the Romanian market to be officially put up for sale. The money secured from the sale could have a major contribution to BCR's profit in 2008 and slow the growth of restructuring costs.
razvan.voican@zf.ro
