Banca Comerciala Romana is awakening to a world of opportunities and challenges With its know-how and a 300-strong branch and agency network, it is well-placed to distribute its products and services and make headway in the retail market.Banca Comerciala Romana (BCR) is the Romanian banking sector’s sleeping giant. Not only is it the largest bank, with roughly a 30% market share and nearly four million customers (doubled from two million in early 2000), but in the period 2000-2003 it generated total profits of almost $750m. In 2003 it delivered a strong performance with net profits of over $160m, in line with 2002’s performance.
Privatisation in the Romanian banking sector has sent foreign assets soaring in the last six years. And the flurry of activity shows no signs of dissipating.Since privatisation began with the 1998 sale of the Romanian Development Bank (BRD) to France’s Société Générale Groupe, the percentage of banking assets represented by foreign banks in Romania has skyrocketed to more than 50%. Besides the French, the Austrians are traditional players in the central and eastern Europe (CEE) banking sector, as are the Greeks, playing on their regional familiarity. The Dutch, Italians and even the Americans, through Citibank, also have considerable presence.