Transilvania Bank plans to expand to the Republic of Moldova

Transilvania Bank is planning to raise its 500 units in Romania by a further 70 in 2008. The bank is also targeting expansion to the Republic of Moldova.

"We are opening the first new units in 2008 in Buzau today. Our target is to continue expanding in Romania and the Republic of Moldova," according to a statement to Business Standard by the bank's President, Robert Rekkers. Rekkers explained that the plan to expand to the Republic of Moldova will be approved at the General Shareholder's Meeting in April with legal procedures to follow. "There is an entire mechanism to open a new branch, involving our bank being approved by the National Bank of Moldova. We will file the request after the shareholders give their approval," Rekkers added.

Last year, Transilvania Bank entered the international market by opening a branch in Cyprus. Rekker said that this bank has several hundred clients. The bank's purpose is to attract Romanian customers living in Cyprus.

Transilvania Bank sold its insurance division to the French Groupama company, using funds from this sale for its 2008 financing needs. "We want to use these funds to develop and sustain this development," added Rekkers.

Transilvania Bank had profit of €16.07 million in the third quarter of 2007, twice as much as in the same period in 2006.

Business Standard