Stere Farmache takes over duties of first vice-president at Alpha Bank

Chairman of Bucharest Stock Exchange, Stere Farmache who has recently resigned as managing director of the same institution, will take over duties of Alpha Bank Romania’s first vice-president on mid January.

His new position will not entail direct links to the capital market. “My expertise in stock market will be an additional resource in my new activity and I hope it will be very helpful in running the development process of the bank in the Romanian banking landscape”, Stere Farmache told Wall-Street.

On December 18, Stere Farmache announced his resignation as chief executive of Bucharest Stock Exchange, which triggered speculations on job offers he had received from the private sector.

“I have received several offers from the financial sector, which I cannot disclose, and thus, I decided to join Alpha Bank’s dynamic team. As first vice president I will be responsible for treasury, investment banking, compliance and corporate banking”, he said.

Stere Farmache served as managing director of Bucharest Stock Exchange since 1995 and since 2007 he took over duties as chairman of the institution succeeding Septimiu Stoica.

“This choice was an important step in my professional career, which was strictly related to Bucharest Stock Exchange and to the Ministry of Finance for the last 14 years. I hope my expertise in financial field will contribute to the development of the bank and system”, Farmache concluded.

On December 18, when the new first vice president of Alpha Bank was announcing his resignation, a manager of a SSIF said that Stere Farmache was rumored he would fill the position as vice president of a bank.

“The departure to a small bank as vice president is a consequence and not a cause. Stere Farmache would have found a position even if he had resigned few days beforehand; even in the current configuration of the government. If the decision hadn’t been hasty, he would have found room in any board of directors at any bank, or he would have been Romania’s representative at any international forum. The real reasons will never be confirmed, because Stere Farmache is too considerate to state them, and members of the board are a ‘team’,” Nicolae Ghergus, director of Confident Invest told Wall-Street.

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