Voiculescu interested in the banking system

The information was confirmed by sources close to Voiculescu, who say that discussions relating to the project began one and a half years ago, and were ongoing last summer.

When questioned by Business Standard whether he filed an application to establish a financial institution with the National Bank of Romania (BNR), Voiculescu likewise declined to comment on the information.

BNR officials said late last week that a bank with Romanian capital last week filed papers for approval. Given the timeline for approval, the lender should receive a green light four months after submitting the application.

The necessary capital for founding a bank is €10 million, not to mention funds needed for the bank’s development. Lenders say that, while certain banks in the Romanian system will opt for mergers and survival techniques, the would-be 2009 banker will not have given up searching for opportunities, in spite of a worsening of international crisis effects.

The manager of BNR’s Supervisory Department, Nicolae Cinteza, denied that central bank officials were talking about Dan Voiculescu or the Romanian American Enterprise Fund (RAEF) when talking about Romanian investors who applied for BNR approval for a bank.

Central Bank officials drew up a portrait of the would-be banker: the businessperson who can afford to enter the Romanian banking sector in the throes of a full international financial crisis should be a first-class shareholder, who has not been involved in the banking system, the oil industry, and the political scene. Other market sources say the investor could have operations in the real estate sector.

As for Voiculescu’s plans, a source who was present during discussions said: “One year ago, I attended talks regarding the founding of a bank. Grivco is involved. This intention is some one and a half years old.”

The shareholder of a bank does not rule out the possibility of the would-be banker being Voiculescu. “This is an initiative launched by Voiculescu and they probably postponed filing the documentation. It likely to be a leader with sound capital and many shareholders around him,” the banking source added.

Grivco representatives also discussed bankers with no current managing contracts who could be appointed to lead the future institution, the source added. One of the possible managers is former Romanian International Bank (RIB) President, Ion Nitu, who also worked for Banca Comerciala Romana (BCR), the country’s largest lender.

Some 42 banks are currently operating in the local banking system, most of them owned by international groups. Many players on the market say the timing is not good to enter the market, but that focus on a certain niche and financial capacities could ensure the business’ development.

‘It is a bank with Romanian capital, which has had ongoing talks for one year now, and which filed documentation one month ago for approval by BNR' Nicolae Cinteza Manager of BNR’s Supervisory Department