What is "bancorex"

Bancorex was the largest bank in Romania during the 1990s, accounting for more than a fourth of the banking market share when it was closed down in 1999. The bank failed due to non-performing loans that were related to political corruption, especially behind-the-scenes political dealings. The bank was bailed out by the Romanian state, its good assets being then merged with the more solvent Banca Comercială Română.

It was founded as the Banca Română de Comerț Exterior ("Romanian Bank for Foreign Trade") in 1968 and for decades it was the bank through which much of Romania's foreign trade was conducted.