Unicredit Tiriac, the domestic branch of the Italian giant UniCredit, posted gross profit worth 56 million euros in the first half of the year. In comparison, in the same period last year, UniCredit Romania and HVB Tiriac, the two banks which merged to form UniCredit-Tiriac, posted gross profit worth 38 million euros. The gross profit posted by UniCredit on the domestic market is therefore 45% higher against the first half of 2006.
Although the first half of this year was dominated by the integration of the operations of HVB Tiriac and UniCredit Romania, Rasvan Radu, CEO of the domestic branch, says consolidated results were "very good".
According to information announced by Bank Austria Creditanstalt, the division of the group which coordinates operations in Central and Eastern Europe, UniCredit Tiriac contributed almost 8% of the gross profit secured in this region. The branches in Turkey and Russia registered the biggest gains, with 153 and 128 million euros respectively.
According to information published in Milan by UniCredit, the Romanian branch posted revenues worth 71 million euros in the second quarter of 2007, 15% higher than in the same period of 2006, amid an increase in net revenues from interests.
UniCredit Tiriac, the fourth-largest bank on the market in terms of assets, is preparing for three years of growth for retail and small & average-size companies, which would help position it as a universal bank with a mass market approach on retail.
It is preparing to take retail by storm and plans to launch new cash management services, asset management products and structured deposits by the end of the year.
The organic growth on retail will be sustained by a doubling of the branch network, to at least 300 within the next three years.
In the near future, UniCredit Tiriac plans to absorb the portfolio of the domestic branch of Banca di Roma, a division of the Capitalia group, which is currently merging with UniCredit.
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