Marfin Bank changes its name to Vista Bank Romania

Aurel Dragan 20/05/2019 | 11:36

Marfin Bank Romania, part of the Vardinogiannis Group, is changing name into Vista Bank Romania, one of the last step of a thorough process of business strengthening which included capital increase of EUR 30 million in last September, enlargement of the management team, and refreshing the financial products and services portfolio.

“With stronger support from one of the largest South East European Groups, the new Vista Bank Romania will offer personalized, superior customer service, closer to the Clients by understanding their needs and presenting customized financial solutions. We strongly entrust the potential of the Romanian market where we are committed to play a crucial role in a sustainable way, with long-term perspective and the unparalleled strength of the Vardinogiannis Group,” said Antonios Mouzas, CEO Vista Bank Romania.

The new Vista Bank Romania targets mid corporate companies and individuals with income above-average, specifically companies with sales between EUR 3 – 50 million and individuals with net monthly income above RON 5,000.

With 30 branches across Romania, of which 9 in Bucharest and 21 outside, the bank’s strategy is to open more branches in key markets-cities like Bucharest and be aligned with its business model and target segments. According to the new strategy, the bank is using a model in which every client has its own relationship manager and receives customized service. The bank has 270 employees.

Vista Bank Romania ranks 22nd out of the 35 banks in Romania based on assets’ value, and the short term target is to double the market share 1 percent and creating a sustainable profitable business model in order to be able to participate in the coming consolidation of the market.

The bank closed 2018 with RON 10.7 million net profit, as equity stood at RON 295 million. During the first four months of 2019 the operating income has been doubled, the NPL ratio dropped dramatically and Loans to deposits ratio stands at 55 percent demonstrating Bank’s excellent liquidity and capital ratio. End of April the loans were worth stand RON 950 million and deposits RON 1.77 billion.

Vardinogiannis Group,  which acquired Marfin Bank last year, is one of the largest industrial conglomerates in South East Europe, with activities including energy, oil refineries, over 1,400 gas stations, production and distribution of electricity, shipping, financial sector, media and entertainment. The Group sales reached EUR 9.5 billion in 2018, EBITDA stood at EUR 495 million, equity over EUR 1.1 billion and more than 2.500 employees. The Group has been involved in financial activity and banking since 1990.

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