Raiffeisen Bank Romania will develop bancassurance products together with Astra-Uniqa, the insurer in which Uniqa, the biggest Austrian insurer, owns 27%, Herbert Stepic, CEO with Raiffeisen International, told ZF.
"We've had concrete talks with Uniqa and we will start operating on the bancassurance segment in Romania together as soon as this year, naturally developing our partnership," says Stepic, 60, the architect of Raiffeisen group's expansion into the Central and Eastern Europe through Raiffeisen International.
The head of Raiffeisen operations in the region states the Romanian unit will further position itself on the medium to high-end segment of the market, after having tested a larger customer range in 2006.
"We want to develop profitably after we've been making investments for several years," states Stepic. He says Raiffeisen Bank Romania will announce "excellent" financial results for 2006. In mid 2006, the bank reported net income worth 17.5 million euros, less than 1% above the 2005 level. After nine months, it managed to regain market share in terms of assets it had lost inclusively due to the loan exports, returning to 8.3% and reporting assets worth 3.56 billion euros with the NBR, up more than 17% against late 2005.
"Market share in terms of assets has a secondary importance to us, now that we've got close to the 10% threshold and ever surpassed it on some business segments. From now on we are focusing on strengthening the bank's position on the market," stated Herbert Stepic. Nevertheless, Raiffeisen International is still alert to acquisition opportunities, on various niches of the financial market, to expand its business beside the core organic growth.
In Romania, Raiffeisen sees the concentration movement that has started on the market continuing.
"There are no more major banks left to buy, with the exception o
