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Intl Econ Crisis To Slightly Impact Romanian Mkt –BCR Pres

The international economic crisis will slightly impact, on a short-term basis, the Romanian market, due to its ‘isolation’ and the fact that the central bank took all needed measures to prevent any negative effects, the president of Banca Comerciala Romana, or BCR, Dominic Bruynseels said Monday.
Intl Econ Crisis To Slightly Impact Romanian Mkt –BCR Pres
22 sept. 2008, 13:18, English

Bruynseels added the crisis would mirror in the banking prices, on short-term basis, pointing to the European Central Bank, or ECB, key rate hike.

ECB increased in July the key rate from 4% to 4.25%.

The new central bank’s, or BNR, norms will limit the lending, but the market will follow the same trend considering the high demand for dwellings, Bruynseels said.

The international economic crisis will affect the large clients aiming to draw large amounts of money from the market, the president of Romanian’s largest lender by assets, said.

Bruynseels inaugurated Monday BCR’s 600th unit. The bank eyes a 650-unit network by year-end.

BCR reported a net profit after taxes and minority interests of RON759.5 million in the first half of the year, up 63.5% against RON 464.6 million in the same period a year earlier.

The bank reported assets worth a total of RON64.81 billion at the end of the first six months, up 2.3% compared with RON63.358 billion at the end of December.

Austria’s banking group Erste Bank paid EUR3.75 billion in 2006 to buy a majority stake of 61.88% in Banca Comerciala Romana, in the biggest privatization made in Romania. Erste has subsequently increased its share to 69%, after buying shares from BCR employees.