“We intend to open one branch for each working day of 2008. We also target to increase our market share next year, from its current level of 8.9 percent,” said Steven van Groningen, President and CEO of Raiffeisen Bank.
According to sources on the market, average spending to open one new branch reaches €110,000, if the location is rented.
Raiffeisen Romania, the local subsidiary of the Austrian financial group, had 337 units by the end of the first half of 2007, and 5,145 employees, according to a report of the mother company.
“We have a medium-term strategy with objectives correlated to market conditions. We will improve profitability and drop the cost/revenue ratio,” added Groningen.
Raiffeisen Romania posted a significant advance especially in terms of net income from fees, which registered the highest growth rate of all countries in the region in which the Austrian group is present.
The bank’s net profit increased 2.7 times in H1 2007, compared to H1 2006, up to €47.2 mln, due to network expansion, a medium cost increase, and higher revenues from loans, the lender informed on Thursday.
The Romanian subsidiary of the Raiffeisen group made large deposits at the National Bank of Romania (BNR), contributing significantly to a 7.4 percent increase, up to €8.8 bln of total loans to other banks of Raiffeisen International, the business division of the Raiffeisen group outside Austria.
The Raiffeisen group also operates on the Romanian market through Raiffeisen Banca pentru Locuinþe, Raiffeisen Leasing, Raiffeisen Capital & Investment, Raiffeisen Asset Management, and Raiffeisen Investment Romania.
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