Banca Comercială Română

Overview

Banca Comercială Română (BCR) is the largest bank in Romania. It was founded by government decree on 1 December 1990 to provide financial services to the newly emerging private sector of the economy after the end of communism.

Establishment

Almost a year after the Romanian Revolution in 1989, Banca Comercială Română was founded by government decision as a joint stock company. This legal form was chosen to take over the corresponding banking services for former state enterprises and newly founded private companies during the transition from a communist planned economy to a privately organized market economy.

Privatization

In 2005, BCR was privatized, with Austrian Erste Bank acquiring the majority of shares. Since then, it has been part of Erste Group.

Structure and Operations

BCR is now a universal bank with private and business customers, having branches in all circles of Romania. The bank has over 650 branches and agencies throughout the country, with points of sale in most towns and cities. It also has the largest ATM network in the country with more than 1,500 ATMs and 16,000 point of sale terminals.

International Presence

BCR has subsidiaries in Moldova and London, as well as branches in Paris and Frankfurt. The bank also has representation offices in Moscow and New York.

Financials

As of the end of 2007, BCR had assets worth more than €17 billion. For 2008, it was estimated to have assets worth over €500 million.

Ratings

* BB + (by Standard & Poor's) (November 2008)
* BBB (by Fitch Ratings) (November 2008)

Shareholders

The majority shareholder of BCR is Erste Bank der oesterreichischen Sparkassen AG, holding 69.2% of the shares. Five investment companies also hold significant stakes: SIF1- Banat-Crisana; SIF2- Moldova; SIF3- Transylvania; SIF4- Muntenia; and SIF5- Oltenia, each holding 6% of the shares.

History

* 1990: The government established BCR to provide financial services to the newly emerging private sector.
* 2005: BCR was privatized by Erste Bank.
* 2006: Erste Bank became the majority shareholder of BCR.