Finansbank makes 2.7m-euro profit in H1

Finansbank Romania made net profits of 100bn ROL (2.7 million euros) in the first half of this year. The bank”s total assets reached 270 million euros, up from 200 million euros earlier in the year. “This year I expect profits to be higher than in 2004, and they should reach more than three million euros. I believe the second half of the year will be much more profitable than the first, and not only for us, but for the entire banking system. Our results were also aided by the extensive investments we are making,” said Tamer Ozatakul (photo), the Finansbank president. He estimates that the volume of assets will double by the end of the year (by comparison with January), thereby maintaining the trend of 2003. The high growth pace is due to the low comparison base. Finansbank attracted 175 million euros in deposits from its customers in the first six months. The total value of loans granted

up until the end of June was

165 million euros. ZF

PROJECTS

The German group, E.ON, one of the world”s largest utility groups, intends to build up an integrated electricity and natural gas portfolio in Romania, the chairman of the executive board of E.ON”s international division, Ulrich Schoeler (photo) told Ziarul Financiar. “E.ON has long-term interests in Romania. We would like to have a complete chain of operations on the two markets – for gas and electricity,” Schoeler said. E.ON acquired 51% in Distrigaz Nord for 303 million euros and has recently signed a takeover contract for the electricity distributor Electrica Moldova, which will boost the value of the German group”s investment in Romania to approximately half a billion euros. E.ON announced it would invest a total of 200 million euros, which includes the 178-million-euro capital contribution undertaken as part of the privatisation contract. The funds will go to upgrades and expansion of Distrigaz Nord”s distribution network over a period of seven years.