Analysts: Lending growth will slow down to 5% in 2009

Analysts foresee a significant slowdown in lending in 2009 and even a deceleration of around 5% compared with 2008, which will implicitly lead to a decline in consumption and make an impact over the economic growth rate, whilst constructions and retail will be the fields hardest hit.

"In 2009, I expect an abrupt slowdown in lending to around 5% toward yearend. The slowdown is likely to be steeper on the segment of the population," considers Nicolaie Chidesciuc, senior economist with ING Bank.

Uniqua's withdrawal to hurt Astra-Uniqa's image and business

The decision by the Austrian Uniqa group to withdraw its name from the Astra-Uniqa company logo will affect the image and business of the insurer whose majority shareholder is the Nova Trade group.

Sources in the local insurance industry say that Astra will register losses on certain business segments, with bancassurance, large client, and leasing divisions most affected.

The entire bancassurance division team and part of the Astra-Uniqa leasing division team migrated to Unita, which recently became part of the portfolio of the Uniqa group.

Astra-Uniqa's main goals announced in the summer of 2007 included developing its portfolio, especially life insurance products, its partnership with the Raiffeisen Group and other lenders, new sales channels, and continuing its territorial expansion. 

Business Standard