Romania's Raiffeisen BpL plans to end takeover process of HVB Banca pentru Locuinte by June 2009

Romanian home lender Raiffeisen Banca pentru Locuinte (Raiffeisen BpL) hopes the process of integrating HVB Banca pentru Locuinte will be completed by the middle of next year, according to Alexandru Ciobanu, president of Raiffeisen BpL.

Raiffeisen Bank Romania, Raiffeisen Bausparkasse and Bausparkasse Schwabisch Hall inked in July the takeover contract of home lender HVB Banca pentru Locuinte (HVB BpL), purchasing it from Vereinsbank Victoria Bauspar (VVB), Bank Austria Creditanstalt and UniCredit Tiriac Bank.

HVB Banca pentru Locuinte managed around 10,000 active contracts at the end of last year, with a total client deposits value of around 5 million euros.

Raiffeisen BpL focuses more on consolidating the quality of its existing contracts rather than on hiking their number.

Raiffeisen Banca pentru Locuinte was created in 2004 by Raiffeisen Bank Romania, Raiffeisen Bausparkasse (Austria) and Bausparkasse Schwabisch Hall (Germany). It currently manages contracts of 160,000 clients worth 600 million euros. Total savings exceeded 70 million euros in 2007, a 20 percent hike over 2006.

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