Caixabank closes Romania subsidiary

Newsroom 20/01/2014 | 18:01

Spanish Caixabank has closed down its Romanian subsidiary after reporting limited success on the local market, reports business daily Ziarul Financiar.

The lender entered the country in 2007, hoping to become a significant player in the corporate segment and acquire a retail bank, according to ZF.

The bank reached break-even in 2011 and reported a net profit of RON 8.6 million (EUR 1.9 million) in 2012, according to the Ministry of Public Finance.

The local subsidiary has financed a series of real estate projects, and some of them have filed for bankruptcy such as Laguna Residence, developed by GEA.

The Spanish group holds a 9 percent stake in Austria’s Erste and have closed a partnership agreement, making it possible to indirectly support clients in this region, including Romania.

Ovidiu Posirca

BR Magazine | Latest Issue

Download PDF: Business Review Magazine March (II) 2024 Issue

The March (II) 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “BAT DBS Romania Hub: A Vibrant New Office For An Employee-Centric
Newsroom | 27/03/2024 | 17:32
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue