Traian Baicu has been running non-bank financial institution Credex IFN for more than six years, that is from May 2018. Established in 2018, Credex IFN is part of Altex, the leader of the Romanian computer and electronics retail. He served as executive director of TBI Bank between 2012 and 2018 and also ran consumer finance company TBI Credit Romania, part of Dutch TBIH Financial Services Group, where he worked for more than 14 years.
Chairman of the board of Credex should be Misu Negritoiu, who ran ING Bank in Romania for almost a decade. Former minister and presidential advisor in the nineties,
Negritoiu then moved to ING in 2006 and kept his position until 2014. After leaving ING, he served as Financial Supervisory Authority (ASF) president for three years and then worked for a while as a consultant for EY, a position he no longer holds.
Romania’s central bank approved the acquisition of 100% in the share capital and voting rights of Porche Bank by Altex owner Dan Ostahie (90.10%) and by Real Estate SRL (9.89%) in June. The agreement does not include the transfer of the “Porsche Bank” brand or of the right to use it, so the new name of the lender will be Credit Bank.
The deal will be completed by the end of July 2024 and the bank will remain operational until then and after that.
(English version by Loredana Fratila-Cristescu)