Dan Sandu, 41, the deputy general manager of Millennium BankRomania, is going to leave the bank for a position of retailvice-president with MKB Romexterra Bank, market sources say.
At the same time, Florian Kubinschi, 48, still a member ofUniCredit Tiriac Bank's Board of Directors, joined the topmanagement team of Romexterra, controlled by Hungary's MKB group(held by Germany's Bayern Landesbank) in the position ofvice-president of operations.
In the past three years, Dan Sandu has been in charge with thelaunch, on the Romanian market, of Portuguese group Millennium'soperations, helping build a new bank from scratch.
For this project, in the summer of 2006 he left the position ofvice-president at Citibank Romania, after having worked with thebank for 11 years, since the US group's subsidiary was opened, in2006. "I had almost become a piece of furniture, so I decided to dosomething else," Sandu said when leaving Citi.
Millennium put him second in command after general manager JoseToscano, in charge with coordination on the corporate, retail andprivate banking segments. He directly handled the project ofopening 39 branches at once, at the moment the bank entered themarket, and the recruitment of the initial team of almost 500people.
Dan Sandu is now moving to a bank that is making losses becauseit has not managed to reach the critical business mass to amortiselaunch investments, to a lending institution that is making lossesbecause of non-performing loan provisions.
According to some banking sources, in mid-2009 MKB Romexterraregistered net losses of around 5.5m euros in line with RAS, afterhaving been in the red in 2008, too. Preventing the furtherdeterioration of the loan portfolio became the number one priorityin 2009. A fraud prevention unit was also set up at the bank andthe credit risk management procedure and the troubled loan approachpolicy were also updated.
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