Bancpost will resume lending in foreign currency over the next few days, after some of its significant shareholders have already deposited the amounts they committed to during the capital increase.
"We have already notified our important corporate customers that we will be resuming lending in foreign currency in a few days. We will also find a way to make it known to the general public. Thus far the principal shareholder, Eurobank, and EBRD have brought the money. I expect the other shareholders to come up with the money by the end of the year," Mihai Bogza, Bancpost chairman told ZIARUL FINANCIAR. He says that the halting of the foreign currency lending after the NBR norms came into force caused the bank to lose money, as come clients chose to take their business elsewhere.
Bogza added that the capital increase was conducted only to alleviate the effects of the introduction of such regulations. Bancpost shareholders in November agreed upon an increase of the capital of the bank by 80 million euros. Besides these funds, the bank will also get a subordinated loan worth 80 million euros. The funds should ensure the development of the business until the end of next year, Bogza said. "In case other constraints come up, we will still prefer to increase our funds rather than to stop our activity," Bogza added.
He expects the bank to total 2.5bn-euro assets by the end of 2006 given a return on equity of 20%, describing the 2006 as a year of "aggressive expansion."
The territorial network will be expanded by approximately 30 branches next year, and at the same time every existing branch will be rehabilitated, to meet the image and functionality standards of the group.
Bogza feels the banking system will continue to expand next year. "I expect the banking system to continue to evolve because it is underdeveloped at the moment. As for products, I see a lot of room on the hedging products market(...)."
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