BCR slashes interests on corporate loans

Banca Comerciala Romana (BCR), Romania’s biggest lender, will cut by 2% its fixed interest rates for new leu-denominated loans and by 1% the variable interest rate for ongoing loans and new loans in lei, with effect from February 1.

“This decrease in the interest rate of loans is up to fourfold higher than the 0.5 pp reduction in the key interest rate, recently performed by NBR (National Bank of Romania). BCR thus diminishes the burden of financial debts of the companies, clearly showing that it is constantly acting to help its clients and the Romanian economy in general" stated Wolfgang Schoiswohl (photo), BCR’s Corporate Executive Vice-President.

The new levels of the reference interest rate start from 11.5% and vary according to the type of loan and maturity (on a short, medium and long term).

“We need to stimulate economic recovery as much as possible, both by reorganizing loans and lowering clients' interest rates, as well as by implementing solutions and programs able to generate economic growth. It will be a tough year and BCR is ready to keep financing good business projects developed by reliable clients”, added Wolfgang Schoiswohl.

BCR had good results on corporate lending in 2009, having obtained an almost 1.5% increase in its market share against the end of 2008.

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