UniCredit Tiriac, the fourth largest bank on the market in terms of assets, is preparing for "strong growth" on the retail market next year.
The bank is set to expand its branch network, launch new products, focus on price and promotional policies targeted at new customers, and also improve the quality of services, states Zoltan Major, vice-president in charge with retail at UniCredit Tiriac.
"We will make use of the entire marketing mix to generate a strong growth in retail. Prices will be an important issue, however, promotion, improved distribution and our proximity to customers will be of greater importance," Zoltan Major told ZF in his first interview since becoming vice-president.
Major adds UniCredit will not give up its plans to achieve growth while still making a profit, mentioning the bank will also try to look at costs from the customers' point of view, especially as it targets portfolio expansion.
Major says the bank will focus on an organic growth over the coming period. "We have a great deal to do. It is very important that we focus on customers, which means positioning and specially designed products for each targeted segment".
Starting in 2008, the bank will launch service and product packages for the mass market. "We will also consolidate our offers for average and above average income clients, as well as for private banking clients. We will heavily concentrate on improving products and the quality of services, because this will differentiate us from other market players (...)".
Regarding the bank's expansion plans, Major is putting his faith on the market's growth potential. He does not believe in standard formulas for the retail market, despite the bank being part of a major international group.
An important target in 2008 will be "customer proximity", in other words, improved access to services, with credit cards to play an important role.
The bank's ultimate aim is to double the size of its current network (138 branches at present) within several years. Over 80% of the new branches will be located outside Bucharest, but the capital's coverage will also be improved. The bank is devising an action plan for 2008 related to alternative channels.
In addition, network expansion will require additional personnel, whilst Major explains the bank would focus on employees' customer relationship skills.
On the mortgage segment, the bank will promote real estate projects by financing developers, while in retail the bank will sign further contracts with major retailers. In terms of savings products, they are a priority, which will enable the bank to meet the demand of average income, high-income and private banking customers. For general customers, the bank will focus on lending.
Zoltan Major
Major, age 41, is the new vice-president in charge of retail at UniCredit Tiriac Bank
Recruited from Hungary, has a 16-year career behind him in the financial services industry at companies such as Citibank, ABN Amro and GE Capital
From October 2006, held the position of CEO at Health Insurance Fund in Hungary
Born in Romania, he returned to his homeland for the first time in 2004, after 16 years, whilst working for GE Capital International Services/Genpact.
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