Finansbank has become Credit Europe Bank, following the association of its mother bank – Finansbank A.S. Turkey with the National Bank of Greece in August 2006, said the bank in a statement.
The Greek financial institution has acquired the 46% controlling pack of shares for the sum of 2.3 billion USD, Finansbank A.S. Turkey being evaluated at 5 billion USD. Following this transaction, Finansbank Romania and the other banks members of FIBA Group are changing or will change their name into Credit Europe Bank in the near future.
Under its new name -Credit Europe Bank will maintain its universal financial institution character and will act towards increasing the present market share of 15% for specific financial products, such as credit cards or POS network. The services offered by the bank are further addressed both to commercial companies, local and multinational, and to individual clients, Credit Europe Bank owning at present a portfolio of over 350.000 individual clients and over 20,000 commercial clients.
Credit Europe Bank offers a wide range of products and services addressed to individuals, SMEs and commercial companies through 70 branches and agencies in the entire country, as well as through alternative distribution channels: ATM, POS and Internet Banking.
At present, the bank has 70 branches and agencies in Romania and 1700 employees, and by the end of 2007 Credit Europe Bank aims to increase its network to more than 100 branches and 2000 employees.
After the rebranding process, all the financial products and services offered to our clients and partners will have the same characteristics, but under a new name. The contact persons within the bank will be the same. The telephone numbers and addresses of the branches will remain unchanged. The Credit Europe Bank branches will offer the same products, while the official website of the bank, www.finansbank.ro, will become www.crediteuropebank.ro.
According to the Credit Europe Bank officials, the Romanian banking market growth rate will tend to slightly decrease. However, the bank’s objective for the next 2 years is to reach a position within the top 10 financial institutions on the market. During the year 2007, Credit Europe Bank intends to reach 2% market share in total assets and be in the top 3 banks for all retail products.
“Credit Europe Bank is not a new bank on the market, but a name that creates a new value. Our strategy is to offer credits and financial services at European standards, especially in the countries that have recently become members of the European Union, such as Romania. On the local market we have been pioneers in offering syndicated loan facilities, in the implementation of the installment payment by credit card system, in developing new training programs for recruiting graduate students. This is the reason why for us the rebranding process does not mean an adaptation, but rather an acceleration phase.” stated Mr. Tamer Ozatakul, President of Credit Europe Bank Romania.
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Credit Europe Bank is positioned as an international bank, part of FIBA Group, with more than 7 years experience on the Romanian market and over 20 years of expertise in Europe, a bank closer to its clients, offering innovative products and services.
Finansbank A.S. Turkey was owned by FIBA Group, which has a total value of assets of 9 billion USD and a shareholders capital of 1 billion USD. The rebranding policy of Finansbank into Credit Europe Bank will be implemented in all banks from Romania, Holland, Switzerland, Russia and Ukraine, as part of FIBA Group.
