Enache Jiru, formerly a state secretary with the Ministry of Finances, is the new president of CEC (Savings Bank), having replaced Constantin Teculescu.
The new CEC president aims to revise and adjust the bank's portfolio of products and services, in line with the banking competition environment, and to push the institution's spending down, especially the operating costs.
"Furthermore, I aim to meet the privatisation schedule, to accelerate the bank's modernising process and to consolidate the management's informational system," the bank's new president stated.
Premier Adrian Nastase on Friday said that Enache Jiru would replace Constantin Teculescu as president of Romania's Savings Bank.
According to Jiru, expenses will be cut down mainly by diminishing operating costs, instead of resorting to layoffs. "Workforce-related costs are smaller than those deriving from the institution's operations. The lack of an integrated IT system, utilities and other expenses generated by the territorial network, which is the biggest in Romania, are seriously affecting the costs and the bank's efficiency," Jiru explained.
In the first seven months of the year, CEC laid off some 500 employees, and is now employing 9,000 people. Moreover, more than 100 territorial units were closed down, which pushed their number down to 1,424. At the end of 2001, the bank had some 12,200 employees and 1,670-1,680 subsidiaries, branches and agencies. According to Jiru, the Savings Bank's main assets are tradition, stability, the population's confidence and the size of the bank's territorial network.
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