Italian banking giant Intesa Sanpaolo has injected 100 million euros into its local subsidiary in order to sustain the bank's organic growth strategy until 2010. "Romania is a priority when it comes to Sanpaolo's accelerated growth, and this capital increase is proof of the group's commitment to the local market," said Nicola Calabro (photo), general manager of the local subsidiary. As a result of the move, the local subsidiary's capital has tripled and reached 500 million RON (138 million euros). Calabro also explained that Intesa Sanpaolo is present on 12 markets in Central and Eastern Europe, where it generally ranks among the top 5 players. However, Intesa Sanpaolo Romania is still a small player in the Romanian banking system. At the end of the first quarter, the bank had assets worth almost 2.1 billion RON (560 million euros), which accounted for a market share of just 0.8%. In the last 12 months, the bank increased its assets by 90%. The Italians will target the retail market next month, which will be aided by the expansion of the bank's territorial network. "Apart from the products and services portfolio, we will continue to invest in network expansion, and target 90 branches by the end of this year, and at least 120 in the first part of 2009," said Riccardo Parasporo, chief business officer at Intesa Sanpaolo Romania. At present, the bank operates a network of 59 branches and agencies in Romania.
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