Unicredit division chief: Romania has problems but we continue investments

'Romania has some problems today, but it will solve them. However, it is an interesting market with and important population and good development prospects Papa explained. The business expansion plan in Romania is on the long run and will not materialize overnight.The bank will open 300 new branches in Turkey, 120 in Hungary and 180 in other states, mainly Russia, Bulgaria and Serbia. The development program for five years will be presented this summer.Unicredit will focus on the extension of alternate distribution channels.

'We will grow just for the sake of growth. Before the crisis banks in the area developed based on a climate in which financing was cheap and there were no cash problems. We will continue to look into the profitability of developed models, risks and costs,' Papa answered, asked what were the medium and long term targets in Central and Eastern Europe. Debora Revoltella, head of CEEE Strategic Analysis mentioned that group incomes in the area would grow a little, provision had already been set and profitability will slightly recover.

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