BT tries to persuade clients to save in euros

Banca Transilvania (BT), one of the top players in the banking system, controlled by local shareholders, will seek to attract more euro-denominated deposits from its clientele. The bank now pays a 5.5% interest rate for six-month deposits in euros. According to data provided to ZF by commercial banks, this is one of the best interest rates for euro deposits. BT relies to a greater extent on attracting resources from its clients, and lacks the support of a strong foreign shareholder, which its competitors have. Other banks which grant high interest rates are Volksbank, 5.75% a year, as well as the BCR and ProCredit Bank, 5.5% a year. Most banks are now trying to attract more deposits from clients, after focusing almost exclusively on lending in the past few years. Deposits in RON are seeing higher interest rates, as well, with banks continuing to adjust, in response to the last monetary policy strengthening operated by the NBR (National Bank of Romania) at the beginning of May. Emporiki Bank, the local subsidiary of Cr?dit Agricole, increased interest rates for deposits in RON by up to 1.4 %. Currently, the bank pays between 8.75% and 9.45 for deposits in RON.