Banks of Romania at the beginning of 2008Publish date: 09-01-2008
''Nine O'Clock'' is publishing today the first part of a special inquiry among banks that operate in Romania. We have asked the presidents of these banks to answer the following two questions:
1. How would you describe the activity of the bank you represent in 2007, the first year after Romania's accession to the European Union?
2. What are your bank's expectations and projects for the current year?
ABN Amro Bank - ''We are keen to further develop our leadership role'', Peter Weiss, CEO
1. "Innovative" is the best word to describe our performance this year as we successfully launched new products and service concepts in the market, in both corporate and consumer businesses.
We were the first bank in Romania to introduce structured notes for our clients through our ABN AMRO Securities unit. We opened a world-class service for affluent individuals through our Preferred Banking concept. We successfully launched a syndicated loan for Banca Transilvania that was oversubscribed despite the turbulent credit markets. In the second quarter we were selected by the European Investment Bank (EIB) to act as sole manager, distribution group and financial advisor for launching their first RON denominated bond on the local market. In October we were also nominated for Excellence in Development of the Capital Markets by the Romanian Brokers Association.
In November we were awarded the "Most innovative banking product " award 2007 at the annual 'Financial awards for excellence' Gala.
2. We are keen to further develop our leadership role, especially in the areas of customer service and product innovation, to the benefit of our targeted corporate, institutional and consumer clients.
BANCPOST - ''One of the most innovative bank on the market'', Mihai Bogza, President of the Board of Administration
In 2007, Bancpost capitalised on the major restructuring program undertaken in the previous two years. The activity expanded significantly, with the loan portfolio almost doubling versus 2006. New products were launched, positioning Bancpost as one of the most innovative bank on the market. Just an example - we were the first Romanian entity to issue RON-denominated bonds with 10 years maturity, ahead even of the Romanian Ministry of Economy and Finance! We added more than 40 branches to our network, and an impressive training program was put in place to make sure that new-comers will meet our standards of excellence. Finally, despite the massive investments undertaken last year, costs were kept under control. This plus the revenue expansion following the growth in the activity resulted in a net IFRS profit that we expect to be at least three times larger than in 2006. To conclude, 2007 was a very successful year both in terms of growth and profitability.
We plan to continue along the same lines as last year. We expect again to outpace the market, by growing by 10-15 per cent faster in term of both loans and deposits. To achieve this, we will continue to increase the number of branches, by about 70 units, and to improve the quality of our products and services. Finally, we expect to double again the profit versus 2007.
- 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