18 banks among Top 100 Most Valuable Companies

The rapid growth of lending over the last year has led to an increase in the number of banks present among the most valuable companies in the economy by two players – Credit Europe and Piraeus Bank. No less than 18 banks are in the “Top 100 most valuable companies in Romania,” according to the yearbook recently published by ZIARUL FINANCIAR in partnership with investment firm Capital Partners. Turkish-based Credit Europe managed to directly enter the ranking at No. 90, being valued at 205 million euros. The value was established at 3.5 times the bank’s book value. Credit Europe Bank (which operated under the name Finnansbank until this spring), managed to double its assets in 2006, but its profit was 6 times lower than in the previous year, due to the massive investments in expansion. Piraeus Bank, the local branch of one of the largest Greek groups, entered the ranking at No. 92, after it received significant capital infusions from shareholders. The bank was evaluated at 200 million euros, i.e. 3.5 times its book value. Piraeus continued to inject heavy funding in the local branch in 2007, with the bank’s capital standing at 286 million euros at present.