Citibank Romania will soon be operating the biggest distribution network of all the American group's regional subsidiaries (Poland not included), with the Romanian branch set to comprise 93 units, explains Shahmir Khaliq, City Country Officer and general manager of the bank.
"Romania has also become a big market for us and we are investing significant amounts because the local branch is growing and becoming more and more visible within the context of the group's regional activity and is therefore generating a greater interest from our bosses in London, who are asking us to show them more," Khaliq, who has been in charge of the local operations for a year and a half, told ZF. Regionally, apart from Poland, Citi is also present in Hungary, the Czech Republic, Bulgaria and Slovakia.
Khaliq believes 2007 will be the best year since Citi's entrance onto the Romanian market in 1996.
"Six months into this year, we have seen much higher growth rates than in the previous periods: our credit portfolio increased 40% against December 2006, revenues from interests surged 34%, whereas revenues from fees and commissions doubled," says Khaliq.
According to the bank's annual forecast, 2007 will see a 178% increase in the credit portfolio against last year, with revenues expected to increase by 232% and the number of clients to increase by around 72%.
"We are ambitious because we have to prove more to the group how much business can be conducted here. There is already high interest concerning the Romanian market, also from other Citi divisions, and there is still a willingness, on our part, to consider acquisition opportunities, provided that the price is right and that there is a seller. Citi is not shying away from making acquisitions in order to expand," says Khaliq.
Currently, Citi operates 8 corporate branches, 31 CitiFinancial agencies special