The Supervisory Board of Banca Comerciala Romana (BCR) is to receive a new chairman: the Liberal party member Sebastian Vladescu, a former state secretary at the Ministry of Finance during the Mugur Isarescu cabinet.
He will replace the PSD (Social Democrat Party) representative Horia Neamtu, whose interim commission expires next month.
According to government sources, the State Asset Resolution Authority (AVAS), which represents the state as the main shareholder in BCR with 36.88%, intends to put Vladescu's candidacy to the general meeting of shareholders for approval. The AVAS chairman, Gabriel Zbarcea, could not be contacted for official confirmation.
The Supervisory Board was established about a year ago after EBRD and IFC bought into the bank and when the BCR management was reorganised to separate administrative and executive duties.
At the end of 2004, Horia Neamtu, a former PSD Deputy, was appointed chairman of the Supervisory Board after his predecessor, Florin Georgescu, moved to become first vice-governor of the National Bank. Georgescu ran the BCR Supervisory Board from late April to September 2004. Meanwhile, Nicolae Danila continued to function as the bank's executive chairman, together with a Board of Directors that comprises five vice-presidents.
Known to be someone close to Calin Popescu Tariceanu, the Prime Minister, Vladescu was appointed early this January to a seat on Petrom's Board of Directors. Vladescu was previously a state secretary under the Ciorbea government in the former Ministry of Trade and Industry. He was removed from this position in August 1997 due to the unjustified inclusion of the Romvag Caracal company on the list of 17 companies slated for liquidation.
In order to take over the reigns at the BCR Supervisory Board, Vladescu needs the approval of the two foreign shareholders in the bank, EBRD and IFC, which last year paid 222 million dollars for 25% plus two shares in BCR.
The two shareholders are represented on the Supervisory Board by Thomas Krayenbuehl, the vice-president appointed on IFC's suggestion, and Oliver Green, who comes from EBRD.
The state now needs to establish the order of privatisation for BCR and CEC. Government sources say CEC is supposed to be put up for sale ahead of BCR. The possibility of listing a stake in BCR before privatisation has been rendered out of the question due to opposition from EBRD and IFC, and the IMF is also against any such move. Moreover, some are saying that a listing of shares before the sale of the controlling interests in BCR to a strategic investor would raise questions as to the difference between the price paid by the buyer and that indicated by BCR's market value.
Despite the generated enthusiasm of some major foreign banking groups for the takeover of BCR, the number of interested banks is not very high. Surprisingly, considering their lack of solid retail experience even in Germany, the list includes Deutsche Bank.
The list also includes Italy's UniCredito and Intesa (which recently commissioned a market survey), and the second leading German group, HVB/Bank Austria. razvan.voican@zf.ro
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