Idea Bank to enter Romania’s top 10 banks in 2-3 years

Idea Bank, the new bank launched on the local market by Polish Getin Holding, established on the basis of Romanian International Bank (RIB), which it overtook at the end of 2013, wants to enter the top 10 in the next 2-3 years, particularly through organic growth but also through acquisitions of banks or other companies.

“We will grow mainly organically, but also through acquisitions. We sought not only in Romania, but also in various neighboring countries, but one cannot build a strategy based only on acquisitions, we must grow organically, we must be better than the competition because we start small and we want to grow, to take market share from other banks,” said on Wednesday Piotr Kaczmarek, CEO Getin Holding, according to Mediafax.

He showed that a foreign bank must not be on a market on position 30 or 40, as it is pointless.

“To reach the top 10 in 2-3 years is feasible. It was a good time to enter the Romanian market, when other banks have problems with portfolios, we come with fresh products. And Romania is one of the largest countries in the EU, but with a very low banked population rate, these are the advantages and the potential of the market, which we consider stable and predictable,” said Kaczmarek.

Idea Bank comes with a new concept on the Romanian market, targeting particularly individual and SME customers, especially small firms.

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“We want to be in Romania in the long term, this is our strategy,” said Kaczmarek.

The credit institution has 35 branches, five of which have been completely changed, with a new concept.

The bank has drawn through deposits, since last year until February this year, about EUR 100 million and is expecting to further increase.

Moreover, the assets are to increase from EUR 600 million today to EUR 900 million by the end of next year, according to Kaczmarek.

Staff