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