UniCredit Tiriac earnings up to €48 million

 

UniCredit Tiriac Bank is the local subsidiary of Italy’s largest lender, UniCredit Group. I H1, it posted 12.2 percent increase in assets, up to €4.06 billion.

The volume of loans increased 66 percent year-on-year, up to €3.71 billion, while the volume of deposits rose 26 percent on June 2007.

“We managed to consolidate the bank after the merger and we are currently focusing on implementing a strategic initiative package, organizational restructuring, processes optimization and stabilizing personnel turnover,” the bank’s CEO, Rasvan Radu, said.

Unicredit Tiriac underwent integration of local players Tiriac Bank, HVB, UniCredit Romania and Banca di Roma, following a merger between UniCredit and HVB groups globally.

The lender plans to expand to new client segments, such as mass market and small companies, and to increase its network up to 300 offices in the following three years.