Banca Comerciala Romana

completed

Banca Comerciala Romana, S.A. (BCR or the bank) was incorporated in 1990 and licensed by the National Bank of Romania to conduct all commercial banking activities. BCR is the largest bank in Romania, with a market share of more than one third of total banking assets in the country as of year-end 2002. According to International Accounting Standards (IAS), BCR’s total assets as of December 31, 2002 were approximately $4.7 billion equivalent, total equity was approximately $846 million equivalent, and net profits were approximately $106 million equivalent. The project consists of a pre-privatization equity investment of up to $111 million for a 12.5% shareholding in the bank. The pre-privatization equity investment fits within a wider framework to support the Government of Romania (GoR or the Government) to promote banking sector reform.