Banks are attempting to recruit Romanian managers, however it is proving difficult to find top candidates with the necessary experience, explains Dan Pascariu, UniCredit Tiriac Bank board chairman.

"Companies are targeting Romanians for management positions, but to become a board member it requires a number of qualities and maturity not just professional experience".

In the case of foreign managers, Pascariu believes the way their message is conveyed within the institution through middle management structures is important, given the language difference.

"There is a new generation growing up, but it will take several years for these individuals to take over the top positions. For now, leadership is short supply on the market." Pascariu (age 58) says he no longer covets an executive position.

There is an even greater need for bankers now that new banks have opened on the market. According to Pascariu, for a bank to enjoy sustainable growth it needs to account for at least 5% of the market. Commenting on the new UniCredit Tiriac bank, he says "premises for taking off" are now being created. At the same time, he notes the first 9 months of this year were "unexpectedly good and ahead of schedule".

"I believe we will reach cruise speed in the spring of 2008. For the time being, we are getting used to the new procedures and preparing new products". Overall, he considers 2007 was a good financial year, despite the complex processes the bank experienced.

In terms of business, Pascariu says UniCredit does not plan to offer "a wide range of products for everyone", which is one of the reasons why the bank chose not to become involved in mandatory private pensions.

Amid the foreign financial turmoil, Pascariu expects (at least in the case of large banks) a higher degree of restrictive risk management and believes that smaller and more ag