Capital increase at Banca Tiriac

Banca Tiriac will be operating a new capital increase worth 207bn ROL (5 million euros) in form of cash contribution from shareholders to sustain its investment plan. The decision was made during the General Meeting of Shareholders on Tuesday. “The outstanding financial results in 2003 confirmed the significant growth potential of Banca Tiriac and helped consolidate the shareholders’ confidence and the bank’s reputation on the market. Our development goals will keep pursuing the growth of the retail segment and the increase of the business volume on the corporate segment with an emphasis on profitability and market share gain,” the bank’s president George Mucibabici said. The bank intends to release new products and services targeted at both individuals and companies, such as the mortgage credit and financial leasing operations, credit cards and Internet and mobile banking services. At the same time, it will expand its network by opening new offices throughout the country and in Bucharest and by increasing the number of ATMs and POS-es installed. The bank’s capital was increased by 664bn ROL to 1,097bn ROL (26.6 million euros) last year, as well. Equity capital rose 40.3% and return on equity reached 47.6%. ZF