Cristina Varzaru joins BCR’s “Banca pentru Locuinţe” (BCR BpL) team as a Vice-president, following NBR’s authorization.

BCR “Banca pentru Locuinţe” products are advantageous, as they are not affected by currency risks or interest risks, since they are granted in RON, and the interest rate is constant throughout the loan payback period. Thus, clients are aware of the actual value of their monthly instalment at any time, from the beginning to the end of the crediting period. Moreover, our clients do not pay loan-granting fees, as BCR “Banca pentru Locuinţe” offers only products with 0 (zero) loan analysis fee, and the evaluation of the house presented as guarantee is free; furthermore, for loans granted based on the saving-crediting contract, our clients do not pay early payback fees, as it amounts to 0 (zero), and they may benefit from free life insurance.

BCR BpL has a deposit balance of over RON 2.6 bn. BCR BpL’s portfolio includes over 389,000 saving-crediting contracts. BCR BpL’s granted credits portfolio increased by 18%, reaching a value over RON 179 million.

Cristina Varzaru graduated from the Faculty of International Business and Economics, which is part of the University of Economic Studies, and obtained an Executive MBA Diploma, granted by the Vienna University of Economics and Business.

Cristina Varzaru began working for Erste Group in 2005, having various responsibilities and being involved in the process of introducing the group to Romania’s banking market. Also, she was part of the team handling Erste’s due diligence for acquiring BCR and later, she handled BCR-Erste’s integration and development programme, as well as the transition following the transfer of BCR to the Austrian group.

Beginning with 2007, she joined the BCR team, having various responsibilities in the field of managing assets and liabilities. For a short period (2010-2011) she worked at Erste Group’s subsidiary in Serbia. During the last 5 years, she has been Executive Director of BCR’s Balance Sheet Management Directorate.

Over time, Cristina Varzaru managed Volksbank Romania’s Back Office, while her career in the banking field began at ABN Amro Romania.

Saving-crediting products have a long life cycle. Customers conclude a saving-crediting contract for an amount that reflects their housing plans. They deposit a certain amount into the contract’s saving-crediting account on a monthly (or annual) basis, until the saved amount accounts for 50% of what is necessary. This approach to providing housing comfort in the future requires some planning of your own financial resources and long-term individual financial discipline.

The government is encouraging people’s effort to improve their own housing situation, their endeavour to give up immediate consumption in order to make long-term investments in housing. The government is encouraging people’s effort by granting them a premium of 25% of their annual savings, which do not exceed 250 EUR/year (equivalent in RON). At the end of the saving process, depending on the extent to which allocation conditions are met, customers get the right to take out a loan amounting to 50% of the contracted. The bank provides a fixed interest rate on both the saved and the borrowed amounts.

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Banca Comercială Română (BCR), a member of Erste Group, is the most important financial group in Romania, providing universal banking operations (retail, corporate & investment banking, treasury and capital markets), and covering specialty companies working on the leasing market, private pensions and housing banks. BCR is Romania’s No. 1 bank in terms of asset value (€14,4 bn.), in terms of client base and in terms of savings and crediting. BCR is also Romania’s most important financial brand, judging by the client trust rate and by the number of persons who consider that BCR is their main banking partner.

BCR uses a network of 22 corporate business centres and 23 mobile offices devoted to corporate clients, and 509 retails units located in most communities inhabited by at least 10,000 citizens in order to provide a full range of financial products and services. BCR is Romania’s No. 1 bank running on the banking transactions market, since BCR customers have the largest ATM network at their disposal – nearly 2,000 ATMs and 13,500 POS terminals, enabling customers to use their cards for shopping purposes, as well as the complete Internet Banking, Mobile Banking, Phone-banking and E-commerce services.

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Erste Group is one of the main suppliers of financial services in Eastern European Union. About 46,500 bank officers working in 2,800 branches in seven countries (Austria, the Czech Republic, Croatia, Hungary, Romania, Serbia and Slovakia) assist 16.2 mn. customers. Erste Group reported a total asset pool worth €202,6 bn. and a 56.1% cost-to-income ratio at the end of Q1 of 2015. First-ranking common equity index (Basel 3 implemented partially) has improved to 10.2%.

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BCR – External Communication

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