Social Democrat Party (PSD) deputy Horia Ioan Neamtu was appointed chairman of the Supervisory Board of Romanian Commercial Bank (BCR), on Friday during the General Meeting of Shareholders. "BCR's Supervisory Board has a new member and chairman as of Friday, namely: Horia Neamtu," announced BCR communication director Corneliu Cojocaru. The new chairman of the Supervisory Board replaces Florin Georgescu, who was recently appointed first vice-governor of the National Bank of Romania. Neamtu, 54, has been a PSD Deputy for Buzau and member of the Budget-Finance Committee of the Chamber of Deputies since 2000. BCR's management was reorganised due to privatisation, since this was one of the conditions set by the two buyers, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation, the World Bank's investment arm, which together acquired 25% plus two shares in the bank in a deal worth $222 million earlier this summer. ZF
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