Irish Patrick Young will be the new general manager of the Sibiu Stock Exchange (Sibex), while Teodor Ancuta (in picture) will stay president of the board with the stock exchange. The change is pending on the decision of the Sibex board, which will meet on April 29. The Sibex merger with the Bucharest Stock Exchange will also be voted during the meeting.

"I don't believe in the merger because I haven't seen what benefits it could bring our shareholders. The last time Romania had a single stock market, it was not that good. I believe a bit of competition is beneficial,” said Young. “In a couple of years, I can make Sibex worth EUR 50 to EUR 100 million, from the current EUR 12 million,” he went on.

Young will replace Ancuta on the GM seat. Teodor Ancuta is the founder of the Sibiu Stock Exchange, having led it since 1997, when it was set up.

Young holds 23 years of experience in management, having led several brokerage companies in the past and having collaborated with the London International Financial Futures and Options Exchange, Bond Exchange of South Africa, Australian Derivatives Exchange, Chicago Mercantile Exchange and the National Stock Exchange of India. Young is not in favor of the merger with the BSE.

editor@romania-insider.com