Daewoo Bank tries to catch up

Daewoo Bank invested some 2.7 million dollars (2 million euros) in development in 2004. Investments are set to double this year. “Investments scheduled for 2005 will clearly be higher than last year,” said Lorenzo Chiappini, the bank’s first vice-president. The bank plans to double its territorial network in 2005 by opening five new branches, work on three of the new branches having already begun. There will be two new branches in Bucharest and one each in Satu Mare, Timisoara and Cluj. In 2004, Daewoo Bank opened five branches in the cities of Bucharest, Craiova and Constanta. It also plans to invest in the credit and debit card business. Expansion of the territorial network to five branches has cost the bank approximately 2.2 million dollars, and non-corporeal investments (banking applications, licenses and advertising) exceeded 400,000 dollars, according to Chiappini. ZF