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Intesa SanPaolo still interested in Romanian market

The strategy of Italy’s Intesa Sanpaolo targets the consolidation of existing operations via Sanpaolo IMI Romania and CR Firenze Romania, says Intesa SanPaolo CEO Corrado Passera, quoted by “Ziarul Financiar” daily.

According to Passera, for the time being the group will focus on these operations, because currently there is nothing to be bought in the Romanian market. But Intesa was one of the bidders for the acquisition of BCR in 2005. “For the time being, there are no acquisition targets. I believe we were wise to put a cap on our tender for BCR, given that the price is an important criterion for us, and we keep that in mind at all times,” Corrado Passera explained. But he did not deny that the bank is waiting for an opportunity, given that the Romanian market continues to be attractive both for investors and for outsourcing. “We will identify growth strategies and we will stay in the market, even if not for a very large business,” Passera explained. On the other hand, Giovanni Boccolini, head of the division, which supervises branches outside Italy, says Intesa SanPaolo doesn’t have too ambitious objectives as far as the market share is concerned, as the new growth strategy is based on a one-per cent share. In exchange, the bank plans to expand the unit network and to change its name into Intesa SanPaolo Romania. In late September 2007, the Romanian subsidiary had assets of approx. EUR 379 M, around 45,000 customers, EUR 286 M credits and EUR 175 M deposits. Sursa: www.nineoclock.ro

Tags: intesa sanpaolo market romanian bcr

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