SanPaolo IMI makes 2.3m-euro profit

SanPaolo IMI Bank Romania (formerly West Bank from Arad) concluded last year with 2.3 million euros in profits, the first positive result since takeover by the new owner in 2002. The total volume of the bank’s assets amounted to 115 million euros by the end of 2004, representing growth of 196% since the end of the previous year. The volume of loans granted to customers rose by 211% to 59 million euros. The high pace of growth is partly due to the fact that there is little to compare against. The bank shifted its focus to retail in 2004 and launched a number of lending and savings products. At the same time, SanPaolo launched a quick money transfer service for Romanians living in Italy, which does not require an account to be opened. The bank also started issuing cards at the end of last year. Initially, it launched only one card: a Maestro debit card. The initial plan for 2005 is offer an overdraft facility to go with the card. ZF