ING Romania makes 17 milion-euro gross profit

The gross profit of ING Romania amounted to 17 million euros last year, while the bank”s assets went up by 45.7% to 1.8 billion euros, placing the bank fourth in the ranking of the Romanian banking system, the deputy chief executive of this institution Misu Negritoiu said yesterday. Although net revenues rose to 73 million euros, the bank”s profit shrank by nearly 50% following significant investments in the bank”s network, which exceeded 100 branches. Negritoiu says that ING accounts for 10% of the market of corporate banking services. Of all the important transactions last year, he mentioned the syndicated loan for Vodafone-Connex worth 200 million euros, for which ING was the mandated arranger, as well as the 100 million-euro funding for Carrefour, the 45 million dollars for Alro and the 45 million RON for Flamingo. “More than 80% of the multinational companies and 60% of the local companies are working with ING,” the bank”s deputy chief executive added. The bank last year consolidated its retail activity, as well, by developing the Self” Bank concept launched in mid 2004. Thus far, the banking offices got ING a number of 170,000 accounts opened by individuals. Negritoiu announced the opening of another at least 70 ING Offices and ten branches for corporate clients in 2005, so that the bank”s network will comprise of 200 branches. The bank also intends to launch new lending products for individual customers and provide factoring and direct debit services.