Bank Leumi, the Israeli bank, which acquired Eurom Bank last summer, plans to triple its assets this year to 360 million euros and double its market share to 0.6%.

"In 2007, we intend to triple the asset volume and double the market share as the process of adjustment to the group standards continues this year. We estimate we will have the first profitable month at the beginning of Q4, but 2008 will be a decisive year, when Bank Leumi will take on the market in full gear," Laurentiu Mitrache, general manager of Bank Leumi Romania, told ZF.

The domestic arm of the Israeli bank late last year held assets worth 577 million RON (170 million euros) and a market share of 0.3%. Mitrache maintains the market share for 2006 must be assessed in terms of quality and not quantity.

"The assessment of the results for 2006 must take into account the adjustment to the strategies of Bank Leumi. This (adjustment i.e.) entails significant reorganisation and restructuring to bring the bank in line with the structure of the group we are part of, on the one hand, and, on the other to hand, to help us cope with the tightening competition on the Romanian market".

Bank Leumi continued to be in the red in 2006, which Mitrache says was due to the transition period that scaled down the bankes activities to some extent. According to the figures published by the parent company, losses stood at 6.7 million RON (around 1.9 million euros) on September 30th.

This year, the Israelis plan to open 8-10 branches, of which four will be probably located in Bucharest and the rest in Ramnicu Valcea, Arad, Focsani, Odorheiu Secuiesc, Piatra Neamt.

Mitrache says existing branches are being refurbished and adjusted to fit the desired image of the bank.

"We are not keen on expanding the network through classical methods at all costs, preferring to grow at a slower pac