BCR shareholders have renewed the terms of five members of the Supervisory Board

Shareholders of the Romanian Commercial Bank (BCR) have renewed the terms of five of the members of fthe Supervisory Board, in the General Shareholder Meeting of April 22nd.

Thus, Manfred Wimmer, the author of the privatization of BCR, Andreas Treichl, the head of the Erste Group, Gernot Mittendorfer, Brian O'Neill and Tudor Ciurezu, the president of SIF Oltenia, have been granted new three-year terms, and Wilhelm Koch and Hildegard Gacek have taken up the other two seats on the Board, according to the BCR representatives.

Hildegard Gacek was the representative of the EBRD at the time of the BCR privatization.

In the autumn of 2006, Romania was paid 2.2 billion Euros by Austrian-based Erste Bank for 36.8% of the BCR shares, and the EBRD and the IFC were paid 750 million each, for their respective blocks of shares of 12.5% of the share capital.

The new members require authorizations from the National Bank of Romania.

Manfred Wimmer has remained the president of the Supervisory Board, and Andreas Treichl has remained vice-president.

One of the seats on the supervisory Board had remained vacant since December 2014, after the resignation of Florin Pogonaru.

According to his own statements, the decision of Pogonaru came as the CEFS (Central European Financial Services, in which Pogonaru is a partner) was going to conduct a joint-venture with a major international fund. "This joint-venture will seek the acquisition of non-performing loans from other Romanian banks, including BCR. Thus, in order to avoid a conflict of interest, I have decided to resign from my BCR position with BCR", Pogonaru was saying in December 2014.

The CS supervises the activity of the Executive Committee and the management of the compliance risk, as well as the compliance with the provisions of the law, of the Articles of Incorporation of the Bank and the decisions of the General Shareholder Meeting concerning the activity of the bank.

The Supervisory Board is made up of 7 (seven) members, appointed for three-years terms, with the possibility of being elected for new three-year periods.

The Supervisory Board meets periodically, once every three months, and special meetings can be called when necessary.