* Wimmer: "Debt to equity swap will be conducted on a case-by-case basis"

Last year, BCR saw a total loss of 1.2 billion lei (277 million euros), amid the increase of loan-loss provisions, by 68.2%, according to bank officials.

Manfred Wimmer, Erste Bank's Chief Financial Officer, acknowledges that the loss of BCR is great and can affect the way in which the bank is perceived by the population, but he says, however, that the shareholders of the credit institution are fully involved in supporting it.

The process of restructuring the subsidiary began in Romania is aimed at reducing inefficiencies, by reducing red tape, simplifying procedures and reducing distance between the levels at which decisions are made, said Manfred Wimmer, who believes that such a process could not be accomplished during the boom, because at the time, what mattered the most for banks was not to miss the moment. "Now, when growth is much slower than it was then, the quality of the products and services offered has become a lot more relevant," according to the banker.

BCR wants to remain the biggest bank in Romania and intends to become the main bank for its current customers, in other words, the one that they conduct all their activities through. "Whereas, in the past, we were OK with being the second or third bank for a client, to grant them a loan and stop there, we now want to be their main provider of financial services for them. We will review the relationships we have with each customer, and if they do fit with our wish, we will either try to get them to that point, or abandon them", Manfred Wimmer said.

* Manfred Wimmer: "We want the debt collection department of BCR to operate as a distinct company"

The organizational changes currently taking place at BCR seek to, among other things, make the Division in charge of restructuring and collecting the deb