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04.06.2007

The new UniCredit Tiriac Bank starts operations in Romania

The merger of the UniCredit Group banking subsidiaries in Romania, HVB Tiriac Bank and UniCredit Romania was finalised on 1 June by creating a new financial institution, UniCredit Tiriac Bank. UniCredit Tiriac Bank is the fourth largest bank in Romania with 3.7 billion Euro total assets, more than 600,000 customers and an extensive network of 132 branches.

The new bank's offer combines the strengths and the best practice of Banca Tiriac, HVB Bank and UniCredit Romania. HVB Bank had solid partnerships with large corporates and multinationals, Banca Tiriac was particularly strong on the individual customers segment and SMEs, while UniCredit Romania focused on Romanian medium sized companies. Together they became a leading bank of the country, offering all these client groups state-of-the-art products and an access to the international network of UniCredit Group.

A strong management team was selected to head the new bank. The Management Board consists of Rasvan Radu, CEO; Melih Mengu, Corporate Business; Andreas Gschwenter,  Global Business Services; Marco Cravario, Chief Financial Officer; Armin Huber, Risk Management. Dan Pascariu is the Chairman of the Board of Administration.

UniCredit Group is one of the largest European banks. In CEE, the Group operates the largest international banking network with over 3,100 business units. More than 65,000 employees serve approximately 24 million customers.

The group operates in the following countries: Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.

Enquiries: Bank Austria Creditanstalt, Communications CEE
Ildiko Füredi-Kolarik, Tel. +43 (0)5 05 05-56102
e-mail: ildiko.fueredi-kolarik@ba-ca.com