ING Group has not reduced funding available for its Romanian subsidiary, nor has it ever taken money from it in the almost 15 years since launching operations, having instead reinvested the profit, says Eli Leenaars, member of the group’s managing board and CEO of the retail and private banking division.
"The parent bank has not cut funding; the bank also finances itself through resources attracted from the Romanian market. The profit made in the almost 15 years since launch has been reinvested every time," said Leenaars.
According to the group’s official, ING has not altered its strategy for the Romanian market in the context of the crisis, only its market approach.
"Of course we adjusted lending terms in the context of the recession; however, we have been raising our lending volume. We have not cancelled any major investment projects or given up any of our business lines. We don’t know what the future may hold, but we want to make sure that we will continue to consolidate our position."
The ING official says the marketing budget has been cut, after the bank had made significant marketing investments in the past few years, and that salary costs have been reduced following the introduction of the unpaid leave, but that such steps are nothing more than "business management" measures.
ING Bank Romania posted 114 million RON (27.14 million euros) gross profit in the first half of the year, up 101% against the first half of 2008.
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