European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) have prepared a restructuring plan for the state-run commercial bank Banca Comerciala Romana in which the two financial institution will acquire a 25 per cent stake.
The restructuring plan specifies a revision of the bank’s strategy, organisational reshaping, and better risk management and retail operations.
The two future shareholders also requested management functions to be separated from executive functions. The EBRD and the IFC asked that the bank be managed by a general director and a deputy general director. Both institutions will be represented by two people and one of the bank’s directors on the bank’s board of administration.
The EBRD and the IFC are expected to pay up to US$225m for a 25 per cent stake plus two shares in the Banca Comerciala Romana.
