Banks are attempting to recruit Romanian managers, however it is proving difficult to find top candidates with the necessary experience, explains Dan Pascariu, UniCredit Tiriac Bank board chairman.
"Companies are targeting Romanians for management positions, but to become a board member it requires a number of qualities and maturity not just professional experience".
In the case of foreign managers, Pascariu believes the way their message is conveyed within the institution through middle management structures is important, given the language difference.
"There is a new generation growing up, but it will take several years for these individuals to take over the top positions. For now, leadership is short supply on the market." Pascariu (age 58) says he no longer covets an executive position.
There is an even greater need for bankers now that new banks have opened on the market. According to Pascariu, for a bank to enjoy sustainable growth it needs to account for at least 5% of the market. Commenting on the new UniCredit Tiriac bank, he says "premises for taking off" are now being created. At the same time, he notes the first 9 months of this year were "unexpectedly good and ahead of schedule".
"I believe we will reach cruise speed in the spring of 2008. For the time being, we are getting used to the new procedures and preparing new products". Overall, he considers 2007 was a good financial year, despite the complex processes the bank experienced.
In terms of business, Pascariu says UniCredit does not plan to offer "a wide range of products for everyone", which is one of the reasons why the bank chose not to become involved in mandatory private pensions.
Amid the foreign financial turmoil, Pascariu expects (at least in the case of large banks) a higher degree of restrictive risk management and believes that smaller and more aggressive players could take advantage of these conditions.
Pascariu says the forex market does not have enough depth at present, which makes it interesting to speculators with less capital.
In addition, he also believes the NBR should change its approach to the supervision of commercial banks, because currently over 90% of the system is controlled by foreign banks, which are themselves primarily interested in the close supervision of their domestic operations.
Pascariu considers the major problem of the financial market is the high interest spread against the euro, which is generating distortions, particularly now that the spread is likely to widen, because the inflation increase pushed the Romanian central bank to raise interest rates.
The minimum compulsory reserves for foreign currency, which register the highest levels in Europe, continue to affect the financial markets.
UniCredit Tiriac
"Premises for taking off" are now being created by the bank
The first 9 months of this year were "unexpectedly good and ahead of schedule"
Becoming familiar with new procedures and preparing new products
2007 was a good financial year, despite the complex processes the bank experienced
Does not plan to offer "a wide range of products for everyone", which is why it chose not to become involved in mandatory private pensions
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
