MKB to fund major projects through Romexterra

Hungarian bank MKB, the new majority shareholder of Romexterra, plans to develop operations on the SME and retail segments, as well as to finance major projects, says Tamas Erdei, chairman and CEO at MKB. “MKB Bank is considering implementing a local strategy, which is mainly focused on SME and retail segments, building upon the current strengths of Romexterra Bank, complemented by MKB’s capital, as well as its worldwide experience and client network from Germany, Austria and Hungary. This strategy will be supported through the intensive development of products and distribution channels, including the complete range of electronic channels,” Tamas Erdei told ZF. MKB Bank purchased 55.36% of Romexterra Bank, which holds 1% of the domestic banking market. The acquisition was self-funded. MKB’s chairman says the new Romanian bank will be named MKB Romexterra Bank. “Romexterra is a well-known brand in Romania and we are confident in maintaining this name, which will be changed to MKB Romexterra Bank, in order to strengthen its image through the affiliation to the group,” adds Erdei. Tamas Erdei will be the chairman of Romexterra’s Board of Directors, whose number of members will be reduced from 11 to 7. Four of them will represent MKB, while the other three positions will be held by Adrian Radu, the bank’s president and by the two vice-presidents – Vasile Rosca and Gheorghe Iliescu.