Speed is more important than perfection and a solution that takes care of a problem 80% is enough if it contributes to integration and brings faster benefits. This is the principle Manfred Wimmer, Erste Bank manager in charge of strategy and head of BCR integration and development, applies.
"In essence, we are transferring what weeve learnt from previous acquisitions. We must start making changes quickly, in a profound and vital way. This is practically like changing tyres on the highway without stopping; this is not a simple operation, but we know how to do it," Manfred Wimmer, who is also a deputy chairman with BCRes Supervisory Board, told ZF.
The programme is due to be finalised in mid 2008, with all BCRes business segments being covered, including the launch of some new segments, such as the setting up of a unit destined to large companies or real estate financing. The programme includes over 40 individual projects, from the restructuring of the subsidiary network, the strengthening of the sales force and change of concepts, the development of alternative channels, to insurance and leasing activities and the centralisation of support-functions (IT, HR, marketing, etc). Wimmer says BCR management team currently enjoys a good combination of local bankers, with recognised expertise, and bankers from Erste group.
A way for BCR to secure its employeese loyalty is to turn them into shareholders. "BCR employees hold over 1% in Erste stock. We will keep our promise of listing Erste in Bucharest within 12 months after the takeover of BCR stock owned by employees is concluded (...)". Wimmer says floatation will be "extremely beneficial" for the Bucharest Stock Exchange, will have a significant contribution to market development, but will also be useful for Erste since a new investor base can be eventually created.
The list of priorities included in
