Businessman Dan Sucu, owner of Mobexpert group and one of thebest-known Romanian entrepreneurs, is criticising the local bankingsystem (80% of it held by foreign financial groups) harshly,accusing it of artificially blocking lending to individuals andthus hurting consumption and businesses and driving economy downinstead of helping it.
"Now, whether we want to admit it or not, the main problem isthe retail lending blockage, which I see as being mostly artificial(he means the high interests i.e.). Unfortunately, strategicdecisions in the banking system are no longer made in Bucharest. Ibelieve the local bank management is not truly capable ofexpressing its views to the decision-makers in Vienna or in Paris,so that everything is frozen," Sucu said.
He explains that the lending problem in Romania does notconcern major companies, as the specialist lawyers negotiate goodterms for both parties, but rather individuals, in which case thebank always protrudes its views.
"We are not concerned about our loans because we made surethey were negotiated in a fair manner. We might have some troublewith the existing ones in case we needed additional loans. But whoneeds development now? We are concerned about the lending to ourclients, which is frozen. And I don't think the state canintervene," Sucu added.
Over the last two years, lending to individuals hasdrastically fallen, which affected all markets: automotive, realestate, home appliances, furniture markets etc. As a paradox, withthe crisis in full swing, banks not only did not cut interests toindividual clients but on the contrary, raised them, thus blockingany purchase based on a loan.
"The banking system in Romania - regardless of what theNational Bank says, is a mess. It is safe (sound i.e.), but this isnot the safety we need. It kills everything. This is not areasonable option," Sucu said.
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