Changes in top management in banks in 2008

The banking system registered several top management changes in 2008, with Austrian bank subsidiaries in the spotlight. More than a quarter of local banks had changes in their management.

The local banking system leader, Banca Comerciala Romana (BCR), owned by Austrian group Erste, has a new Executive President as of July - Dominic Bruynseels, former Emerging Markets Director of Barclays. He replaced Manfred Wimmer, who was appointed CEO and CPO (Chief Performance Officer) of Erste Bank.

The second largest lender locally, BRD-Groupe Societe Generale, has a new Deputy General Manager, Claudiu Cercel Duca.

At Raiffeisen Bank, the former Manager of the Small and Medium Enterprises division, Alexandru Ciobanu, was appointed Executive President of Raiffeisen Banca Pentru Locuinte.

The banking system is undergoing a significant strategy shift, due to the financial crisis. Lenders are currently focused on attracting deposits, as many mother-banks significantly lowered financing for their Romanian subsidiaries.