Rich people put more money in the bank

Almost 1,000 Romanians have joined the ranks of those with more than 100,000 euros in deposits registered with banks in the past year, despite the recession that eroded incomes, so that the total of those that fit into the private banking client category exceeds 12,000.
The total value of deposits made by rich Romanians with banks reached the equivalent of 4 billion euros in midyear.
After having aggressively cut interests at the beginning of the year, over the last few months, banks have paid more for resources attracted rather than lose clients.
The value of guaranteed deposits in excess of 100,000 euros went up 4.4% in the second quarter compared with the first three months of the year, Banking System Deposit Guarantee Fund data reveal.
More and more banks have shifted focus towards the so-called "affluent banking" segment, comprising clients with above average incomes, who are seen as a source of fees in exchange for additional services, given that retail lending is not recovering.