The effects of Demirbank Romania's takeover by Italian group UniCredito are already apparent, as the new owners wasted no time in getting to work.
The Italians have already been to Bucharest, Demirbank Romania management traveled to Italy to the parent bank, revenue and expense budgets for next year are being drafted and the last details are being defined in order to apply the new market strategy. Demirbank will most likely change its name to UniCredito.
"We have an excellent partnership with UniCredito Italiano, as selected strategic investor. We work together both as corresponding banks and as partners in identifying joint projects, that can benefit clients of both banks," Virginia Otel, head of the development department with Demirbank Romania, told Ziarul Financiar.
Italian bank UniCredito at the beginning of September took over 62.5% in Demirbank Romania from the Turkish state and more than 36% in DemirRomlease leasing company, under a transaction exceeding 18 million dollars.
Demirbank Romania obtained net profit of 15 billion ROL for the first nine months of the year, while the bank's total revenues amounted to 296 billion ROL.
Demirbank Romania reported assets worth 1,982 billion ROL at the end of the third quarter in accordance with Romanian accounting standards.
According to officials of the Italian group, the decision to acquire the main stake in Demirbank Romania and a 36% stake in Demir Romlease is part of the group's expansion strategy to New Europe, namely expanding operations to Central and Eastern European countries.
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