Erste Group Bank’s local unit Banca Comerciala Romana CEO Sergiu Manea tells journalists in Bucharest that the government’s planned tax will put banking sector “in a vulnerable position.”

  • Planned measures aren’t helping “in a country whose economy gets 80% of its funding from banks,” Manea says. “The tax in the current form isn’t sustainable”
  • BCR will cut costs, investments to offset tax impact
  • Banca Transilvania CEO Omer Tetik says bank will “freeze investments” in network and digitalization
  • Tax impact will be “significant,” amounts to “nationalization” of banks’ profits
  • Transilvania will tighten lending practices due to tax; unlike foreign banks, it...