Robert Rekkers, who has run Romanian lender Banca Transilvania for the last nine years, stepped down as general manager and will be replaced by Peter Franklin, the European Bank for Reconstruction and Development (EBRD) representative on the bank's board, who will act as interim manager, the bank has announced. Dutchman Rekkers was one of the longest lasting bankers in Romania. He joined Banca Transilvania in 2002, initially for a four-year term, which was extended up until the present. He will no longer be a member of the bank's board either.

Franklin has been a member of the bank's board since 2010. He will take over Rekkers' duties at the beginning of February. Franklin, with 37 years experience in banking, previously worked in General Electric, HSBC and The Chase Manhattan Bank. He is an Oxford University graduate.

Banca Transilvania’s profit stood at EUR 25.3 million in the first nine months of this year, up 53 percent on the same period of last year. The bank is owned by the European Bank for Reconstruction and Development (EBRD), with 15 percent of the shares, Bank of Cyprus with 9.5 percent, the SIFs investment funds, private investor Horia Ciorcila with 5 percent and the International Financial Corporation with 3 percent.

editor@romania-insider.com

(photo source: Romania-Insider.com)