Lucian Anghel, the head economist of lender BCR is the new president of the Bucharest Stock Exchange, replacing Stere Farmache, who had the helm of the stock exchange for 16 years. Anghel run against Dan Paul, president of the Brokers Association and the incumbent president Farmache. He received half of the votes on Monday (January 9), when the BSE shareholders also chose the new administration council. Stere Farmache managed to secure a seat in the board, along with Dan Paul, Adrian Lupsan, Narcisa Oprea, Valerian Ionescu, Octavian Molnar, Matjaz Schroll and Robert Pana. Schroll, the only expat in the board, represents Franklin Templeton, Fondul Proprietatea's management company. Franklin Templeton owns 5 percent of BSE's shares.

The new president of the BSE has been working with BCR since 1996. Anghel, now 39, started as economist and loan officer. He was promoted to chief economist and head of BCR's strategy and research division in 2007.

The new board will select the BSE general manager in the following months.

Corina Saceanu, corina@romania-insider.com

(photo source: BCR)