The list of priorities set by the new chairman of Casa de Economii si Consemnatiuni (Romanian Savings Bank-CEC), Enache Jiru, includes preparing the data room for the consultant to be selected to arrange CEC's privatisation, taking further the restructuring of its unit network and products, starting foreign currency operations and card issuing, amid IT structure expansion.
In an attempt to attract a powerful investor, Jiru is banking on the potential of the rural area as regards the development of the banking market, which will continue to grow due to scheduled investment. The respective potential has already been seen by other banks as well, which are trying, through their territorial networks, to get closer to this customer segment that has not been tapped into yet.
In line with the schedule agreed upon with international financial institutions, CEC's privatisation contract is due to be signed by the end of 2005.
The operational priority of the new management by the end of 2004 is to introduce the foreign currency-denominated current account, which would allow customers to carry out operations with institutions from abroad. CEC has already been authorised by the National Bank of Romania (NBR) to develop foreign currency operations and the required norms, but the necessary IT application for data records has not been introduced yet.
At the same time, the project concerning the introduction of cards still stands. Over the following period, CEC will organise a tender to select a modern system of electronic payment instruments.
"As we are latecomers on the market, we want to introduce the latest technology in this field, based on dual cards, with a magnetic strip and a chip," says Enache Jiru.
Within the first system development phase, CEC plans to operate a 50 ATM network.
"At present, we and our colleagues of the Ministry of Public Finances are jointly devising the terms of the specifications book needed for the organisation of an international tender with a view to selecting the processor," Jiru stated.
The tender will take place this autumn and the implementation of the system will take about one year. Jiru considers the banking services to be the domain where CEC is lagging and that can add value to the company. Product standardisation and personnel training programmes should bring about an improvement of the product sale activity, a chapter where CEC is lagging behind its rivals.
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