“We have been expecting this decision. Mr. Tiriac indicated a while back that he intends to withdraw once the bank has a good standing on the market. Withdrawing from the Board of Directors means he will no longer personally participate in meetings, and will be replaced by someone else,” Radu Rasvan, CEO of UniCredit Tiriac Bank, told Business Standard. Tiriac’s place will be filled by Florian Raimund Kubinschi, former Vice President and CFO of HVB Tiriac Bank, who is considered to be enjoying Tiriac’s confidence.
UniCredit Tiriac Bank, the fourth-largest player in the banking sector, in terms of top assets, posted €48.6 million in net profit in the first half of 2007, a 30.3 percent increase from the cumulated net income of HVB Tiriac Bank and UniCredit Romania in H1 2006. The two lenders merged on 1 June 2007. Shareholders of UniCredit Tiriac Bank are Bank Austria Creditanstalt AG, with 55.2 percent of the share capital, Redrum International Investments BV, with a 20.17 participation, and Vesanio Trading Limited, with 20.22 percent, the latter two controlled by Ion Tiriac. UniCredit Tiriac Bank has 136 branches in 38 counties.
Profits
UniCredit Tiriac Bank posted €48.6 million in net profit in the first half of 2007, a 30.3 percent increase from the cumulated net income of HVB Tiriac Bank and UniCredit Romania in H1 2006.
