Almost a year after Erste Bank took over at BCR, the biggest Romanian bank has launched its new image yesterday that reflects the colours of its majority shareholder: the logo is now a darker shade of blue, and a red "S" has been added the BCR typography, which symbolises the savings banks in Austria (S stands for Sparkasse) with a dot above it to suggest a coin being placed into a piggy bank
"The new logo shows on the one hand that BCR is part of the Erste group, and on the other that it is the biggest bank in Romania and as a result we kept the name intact," stated Andreas Treichl, chief executive of Erste and chairman of BCR's Supervisory Board. He did not care to reveal the cost of the rebranding operation for the overall network that currently numbers 520 branches, saying, however, that "it wasn't cheap."
Nicolae Danila, BCR's chief executive says there is more to this rebranding than simply a change in the logo's letters and colours. "We wanted to transform the entire system of operations first, so that clients could experience the improvements in terms of products and services, as well as the extra care - in line with European standards, with which they are treated. We now have a powerful logo, as well, to match an even more powerful BCR."
The launch ceremony for the new BCR logo took place in front of BCR's headquarters in Bucharest on a rainy weather. Those in attendance included first vice-governor of NBR, Florin Georgescu, Economy and Finance Minister Varujan Vosganian and state secretary Sebastian Vladescu, as well as the general manager of the Bucharest Stock Exchange, Stere Farmache.
"Governor Isarescu and the other bankers usually say that commercial banks give you the umbrella when it's sunny outside and take it back when it rains. We took out umbrellas today and distributed them during the rain," Treichl joked, after spending an hour in the rain.
Erste's top man says the floatation of the Austrian bank in Bucharest could be postponed until the first quarter of next year.
"I hope we'll be able to conduct the floatation by the end of the year, but there are some complicated issues to solve with the Central Depositary and the Stock Exchange. It could take another 8 or 9 months."
Stere Farmache, BSE's general manager says the Stock Exchange's problem is priority related, as it is preparing to launch derivatives soon, whilst Erste requests entail the introduction of a new trading mechanism. "This entails a structural change on the part of the Bucharest Stock Exchange and we first have to see if all the players are ready to take such a step, which otherwise is natural for the modernisation of the market. We are looking into a two-speed mechanism to address this issue," Farmache told ZIARUL FINANCIAR, explaining it was more comfortable to set January-February 2008 as the deadline for Erste's floatation in Bucharest.
Treichl expects the Romanian banking market to continue to rapidly grow over the next ten years at least. "I'm not afraid it will be too fast a growth, considering the gaps that need to be closed."
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