UniCredit wants to gain market share on the Romanian retailmarket, and is set to focus on opening branches, as well as ondeveloping distribution through alternative channels, says GianniPapa, head of operations of the Italian group in Central andEastern Europe.
"As already announced, we plan to open 300 branches over thenext five years. The expansion of the chain will, however, becorrelated with the trend of the economy, because we don't wantgrowth just for the sake of growth. Romania is an interestingmarket for us, but it faces economic problems that need to beresolved," Papa specifies.
He says the basic strategy remains organic growth, based on thegroup's existing capabilities.
"In general, acquisition is not an option as it used to bebefore the crisis and we have already proven that we have theability to extend the network organically," Papa added.
UniCredit Ţiriac Bank could open around 50 branches this year,and reach a total of around 300.
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