Patriciu: BSE should become a regional stock exchange, in order to survive
Publish date: 14-07-2009The Bucharest Stock Exchange (BSE) cannot survive in its present form, and the only way to develop is to become a regional stock exchange, businessman Dinu Patriciu considers.
"I believe in BSE's future, if it is smart enough to become regional and contribute to turning Bucharest into the financial centre of the region. As it is now, the BSE cannot survive. I believe the BSE has formidable advantages to become a regional Bourse," said the billionaire, invited to the opening of Monday's Stock Exchange session.
He added that the transformation of the BSE into a stock exchange that would attract companies from the whole region also depended on a series of government measures such as standardisation of the treaties on double taxation or customs. According to Patriciu, by transforming the BSE into a regional stock exchange, Romania could become the economic engine of the region. Similarly, the BSE can achieve this objective through a marketing policy aimed at attracting investors from the region to the local capital market.
"The BSE needs a market of 100 million people, not just 20 million inhabitants. The BSE can start a new life (...) I wish a long life, if it takes this road," said Patriciu.
He also said that Bucharest could become, in addition to a regional centre of the capital market, an air transport hub.
In June, Patriciu sold to KazMunaiGas (KMG) his 25% stake that he still held in the Rompetrol Group. Through this transaction, Kazakhstan's state owned company has come to fully own the oil group.
Subsequently, businessman Dinu Patriciu, owner of Rompetrol Holding of Switzerland, announced that it would change the name of the company into DP Holding, to avoid confusion with the Rompetrol Group.
Latest News:
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei