ING Bank could make an acquisition to "supplement its portfolio" in Romania- a move that would be in line with the global strategy of the Amsterdam-based parent bank- although ING are not targeting any specific banks at present, explained Misu Negritoiu, general manager of ING Bank Romania.
"Given the emphasis that ING is laying on development in the region and also in Asia, we are not ruling out the possibility of making an acquisition in order to supplement our portfolio in Romania, especially since we have the necessary cash available, unlike 3 or 4 years ago. For the time being, however, we still have to work on our organic development strategy for which we haven't taken any definite steps yet," Misu Negritoiu told ZF.
Negritoiu believes that both Banca Transilvania and Banca Carpatica will be sold at some point.
"I think both could be targets for banks already present on the market, which intend to expand their networks and number of clients," says Negritoiu, adding that Banca Transilvania could prove to be "quite an expensive" acquisition, given its current evaluation of around 1.7 billion euros, based on its stock quote.
At present, ING is continuing its programme of territorial expansion, which will see it reaching 300 branches. Negritoiu added that there have been some delays to the programme (which was announced at the beginning of this year) mainly for logistical reasons. He believes that by yearend Bucharest will see a further two branches opened, which will be dedicated to corporate clients, thus ensuring every business sector is covered.
The bank closed the first half of the year with increased assets lower than the market level, which according to Negritoiu, can be explained by the fact that several transactions were made outside the balance-sheet, or part of integrated operations with the Amsterdam-based parent company and were therefore registered by the parent company.
"We are still among the top ten biggest banks in terms of assets," says Negritoiu, who believes that the total volume of assets is becoming increasingly less relevant to ING, with the volume of credits giving a more accurate interpretation of a bank's activity.
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