Romania's largest bank cuts interest rates to keep customers

Largest Romanian lender BCR launched last week a new offer for its own customers, but also for other banks’ customers, providing lower interest rates for ongoing mortgage loans. The bank doesn’t target only the clients who have ongoing litigations with BCR, but these can also benefit from the offers. The bank will forego about EUR 200 million in revenues following this move, according to its officials, reports local Capital.ro. Its long-term goal, however, is to keep its customers. In four days after launching the offer, the lender received requests from about 3,000 clients, said Dana Demetrian, BCR retail vice-president. BCR has offered its clients with mortgage loans in euro a fixed interest rate of 4.95% per year, for the next five years, followed by a decrease of 3 to 5 percentage points of the current interest rate. The average decrease in the monthly installments will amount to 20%, said Dana Demetrian. editor@romania-insider.com