Romania’s OMV Petrom signs cash management deal with local lender BCR

Romanian oil and gas group OMV Petrom has signed a cash management deal with BCR, the largest local lender, the bank announced on Thursday, May 28. BCR, which is part of Austrian group Erste, will manage OMV Petrom’s cash flows starting this year. This is one of the biggest cash management contracts in Romania, as OMV Petrom is Romania’s largest group of companies and had a consolidated turnover of EUR 4.85 billion in 2014. BCR will help OMV Petrom with cash collection, cash concentration and optimization via cash pooling, and payments. The contract covers OMV Petrom’s operations in Romania and Moldova. “This deal sets the base for a long-term strategic partnership between BCR and OMV Petrom group. It is a landmark for corporate transactions and confirms the leadership positions that BCR and Erste group have in this region of Europe,” said Sergiu Manea, Executive Vice-President Corporate&Markets at BCR. BCR is Romania’s largest bank, with EUR 14.4 billion in assets. editor@romania-insider.com