After more than two years since it opened its Romaniansubsidiary, Spain's La Caixa group is still keeping a low profileon the domestic banking market, having accumulated assets worthonly 473m RON (112.6m euros) by late 2009. While it has notinvested in opening more offices, La Caixa ended 2009 with a netloss of around 4.2m euros in line with Romanian accountingstandards, according to some banking sources, not managing yet tocover its costs. The Romanian subsidiary works with only sevenemployees, focusing on serving some Spanish companies with Romanianoperations. Therefore, in terms of assets, the subsidiary in 2009ranked 33rd, with a market share of just 0.15%. "We're working hardto speed up the expansion of operations carried out through Warsawand Bucharest subsidiaries," reads La Caixa's 2009 annual report.Thus, Romanian clients have got access to the group's Internetbanking service. La Caixa voiced its interest in a Romanianacquisition as soon as it entered the market, in 2007, to get afoothold on the retail segment, but nothing materialised. The grouppreferred to make massive investments in Austrian Erste group togain exposure on the CEE region and implicitly in Romania.
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