Bancpost, controlled by the Greek group EFG Eurobank, will go ahead with its expansion strategy, not taking into account the privatisation process of the CEC (the Romanian Savings Bank) and not wasting any more time until it becomes clear what the outcome of the sale of the former savings bank will be. "The privatisation process of the CEC has its own dynamics; it has already taken too long, and we don't see why we would lose the opportunity to grow organically. We can no longer put off expanding our network because this could affect our market share," Mihai Bogza, president of Bancpost told ZF. He says the bank intends to invest in opening 50 branches in the second part of the year, and reach 225 branches instead of the 175 originally scheduled. Halfway into the year, Bancpost witnessed a profit worth 3.3 million euros, after closing the year with losses that had to do with the restructuring process. The bank's new business plan targets a profit worth 15 million euros at the end of the year. Bancpost and Raiffeisen, whose majority shareholders have shown an interest in CEC, are the only major banks that have drastically reduced their investments in increasing the number of their branches, limiting themselves mostly to relocating and to modernising the existing branches.
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