RBL targets 80% asset increase

Raiffeisen Banca pentru Locuinte (RBL – Raiffeisen Housing Bank), one of the two local players operating on the niche of housing savings and loan products, estimates that this year it will post assets worth 135 million euros, 80% more than the 75 million euros seen in 2006. “Last year we had 100,000 clients, and this year we intend to attract 70,000 new clients and increase our volume of crediting to 50 million euros,” stated Luminita Manolache, vice-president of RBL. She estimates the volume of savings will reach 75 million euros in 2007, after having doubled last year when it reached 55 million euros. The bank posted a 3.4 million-euro loss in 2006, 23% less than in 2005. “The loss seen in 2006 was smaller than the predicted figure of over five million euros. We estimate we will break even some time in 2008-2009,” added Manolache. RBL currently has four representative offices outside Bucharest in Iasi, Cluj, Timisoara and Sibiu, as well as 20 regional offices.