Sibiu's richest businessman, Ilie Carabulea, who controls 36.26%of Banca Comerciala Carpatica (BCC on the Stock Exchange), says theinstitution is now in a development stage where it needs thefinancial support and expertise of a larger bank. "Carpatica isdoing well, both in terms of financial results and in terms ofsolvency indicators. In addition, its territorial network willallow it to boost its market share in the long run. We have doneeverything we could. From now on it is important that we find alarge bank to support us with money and expertise," Carabulea toldZF. He says the bank had talks with "large banks in the system" asearly as last year on sealing a partnership, whilst up until 2007he would maintain that the bank could grow on its own. Moreover,the bank's management voiced an interest in taking a partner onboard, saying it has received offers from several internationalentities, which have not come to fruition. Having yet to find apartner, Carabulea has changed the bank's management, replacingpresident Nicolae Hoanta after eight years. Carpatica is amedium-sized bank, one of the few with Romanian capital in aRomanian banking system dominated by foreigners (over 80%). On June30th, the Sibiu-based bank had an around 315 million-euro loanportfolio and deposits worth over 475 million euros. In the firsthalf of the year, the bank's profit amounted to almost 2 millioneuros.
Carabulea proposed to shareholders a limit on pays and otherbenefits for managers in the managing board, as well as no bonusesto be granted in the 2009-2010 financial year.
On November 14th, when the general meeting will take place,Carpatica shareholders will have to approve a change from thesingle management system to a dual one, which will see the bank ledby a manager and a supervisory board. They will also decide on andelect the membership of a five-member supervisory board, at leastone of whom must be independent. They will be appointed for fouryears, with the option of being re-elected.
"We abandoned the single management system because it was outdatedand was based on the principle: 'I do the work, I supervise, Istand to answer'. There was no objective observation, so we decidedto modernise the management system. Why now? Because the apple wasripe now," said Ilie Carabulea.
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