BCR Banca pentru Locuinte (BCR Housing Bank - BCR BpL), the third player to provide savings and loans products for housing, has targeted 50,000 clients within its first year in business and will take advantage of the group's established distribution network.

"We have not just launched an isolated subsidiary. We have developed a concept that is very well integrated into the group," stated Martin Skopek, vice-president of BCR in charge of retail operations. In addition, he is also the chairman of BCR BpL's Supervisory Board. Skopek explained that besides the distribution of savings and loan products throughout the entire BCR network, other facilities will be provided to customers of the housing bank.

"We noticed that the ease of transactions and fees are almost as important to our customers as the interest rates offered," explains Petre Tulin, chairman of BCR BpL's Executive Board. As a result, facilities for instalment repayment will be provided for in contracts, and those who have a current account with BCR will no longer have to pay fees.

BCR officials estimate the savings and loan market currently numbers around 150,000 contracts. This market was inaugurated by the Austrians at Raiffeisen Banca pentru Locuinte (RBL) more than four years ago. A year later, the second such player launched operations - HVB Banca pentru Locuinte, currently held by entities part of the UniCredit group. At the end of 2006, it announced it had reached a portfolio with around 100,000 clients, after the overall value of the contracts amounted to 600 million euros. HVB Banca pentru Locuinte has never revealed its results, and had a modest development. Actually Raiffeisen is said to be in talks to take over the smaller competitor. BCR BpL intends to derive 300 million euros in contracts within its first year in business.

BCR Banca pentru Locuinte (BCR Housing Bank - BC