Ionut Costea, 48, chairman of Raiffeisen Banca pentru Locuinte (Raiffeisen Housing Bank) will take over the management of the Romanian subsidiary of Emporiki Bank, a member of the French group Credit Agricole, according to banking sources. The move comes amid preparations from the French group to relaunch the Greek bank, with ambitious growth targets. An extensive delegation of Credit Agricole and Emporiki officials, headed by Jean -Frederic De Leusse, deputy CEO of Credit Agricole Group and Anthony Crontiras, CEO of Emporiki Group, are expected in Bucharest at the end of this week. One of the meetings will be with NBR (National Bank of Romania) Governor Mugur Isarescu. Costea entered the local banking system around four years ago, when the first institution specialised in a savings and a lending system dedicated to housing was set up by Austrian-based Raiffeisen group. In his career, Costea has displayed an ability to lobby the authorities, at a time when new legislation was needed, which included state involvement through subsidies and fiscal deductions. The quoted sources say Emporiki has recruited him precisely for his skills as a lobbyist and for his connections in the financial world. From 2000 to 2004, Costea was deputy manager with the EBRD in London, after previously working as a secretary general and as a state secretary in the Finance Ministry for several years.
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