Credit Europe Bank: We will slow network expansion in 2008

We are expecting the upward trend of the past four years to continue, so that our market share based on total banking assets will reach 2 percent in 2008,” added Tetik. He went on to say that the bank’s expansion will be less aggressive than in past years, although significant resources will be allocated for the establishment of mortgage corners (spaces dedicated within the bank’s branches to mortgages), and will develop various alternative channels, such as a call center, internet banking services, or broker-assisted distribution. “We intend to expand in 2008 as aggressively as in the year that just ended, and will invest significantly in sales, as well as ATM, POS and internet banking networks,” said Tetik.

CEB’s Vice President believes that “the year 2008 will be the year of banks with a solid client base and those who, against a backdrop of the international liquidity crisis, will manage to meet the financial needs of their clients. As rating agencies have already pointed out, the Romanian business system is developing, but many of the current loan institutions will have to allocate additional financial resources to sustain their growth. Major challenges facing banks this year include the level of staff wages, both in terms of middle and top management, but also of regular employees,” said Tetik.

Credit Europe Bank Romania is an important player among the top 15 local banks, with a network of over 100 branches and more than 400,000 individual and corporate clients.