BCR, the biggest bank on the Romanian market in terms of assets,has dropped plans to exceed the mark of 700 branches and agenciesby the end of 2010, intending to end this year with a 668-branchterritorial chain, from 667 at present.
The extended recession and the collapse of retail loan sales haveled to a new postponement of the older target of 700branches.
At the end of 2009 BCR had 661 branches dedicated to individualsand small firms, and continued to improve its territorial coveragein the first half of this year.
According to a business plan version included in the prospectus ofthe financing programme on the Luxembourg market last summer, BCRwas planning to expand its chain to 728 branches in 2010 "in orderto make it easier for customers to access financial services and topreserve its market share in certain geographic areas."
The bank, however, went back on its target, informing investorsthat the 2010 target would remain 668 branches.
Since the effects of the economic crisis started to emerge, theterritorial expansion plan has been adjusted several times. 10branches left over from the 2008 programme were opened in the firstpart of 2009. In February last year, the BCR management was stillcounting on reaching the 700-branch mark by the end of 2009, whichnever happened.
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