Student financial services fuel the business of banks by some €3 bln

Statistics show that there are about 3.6 million young people living in Romania, with average spending of €80 per capita. For this segment, banks provide loans, credit cards and savings services.

The latest to enter this market is Romania’s largest bank, in terms of assets, Banca Comerciala Romana (BCR), owned by Austrian group Erste. The lender also has a special section on its website, called BCR Student Club.

The second largest local lender, BRD, controlled by French group Societe Generale, has three offers for students and is the bank that is targeting young clients most, including educational expenses through a €12,000 loan, as well as lower prices for museums, restaurants and stores in Romania and 135 other countries, at “special” interest rates, according to bank representatives.

Raiffeisen Bank, the third-largest local lender, has an annual scholarship program, to date attended by 40 young people, who are employed by the bank at the conclusion of the program.

Banca Transilvania provides a five-year €10,000 post-graduate loan, while UniCredit Tiriac Bank has a student “success loan”, worth some €3,000 for up to 10 years.