Finansbank is going to double its territorial network this year, and this should ensure a similar dynamics for assets, says Tamer Ozatakul, chairman of the bank.
At the end of 2005, Finansbank held assets worth 350 million euros, 80% higher as compared with December 2004. Ozatakul says that plans to double assets are feasible considering the bank owns a developed territorial network, a quite large product portfolio and its staff has already gained experience.
“We currently have 40 branches, but by the end of the month another ten will become operational. By yearend, we plan to reach 100 branches,” said Tamer Ozatakul. Considering, however, the ever-tighter competition, including on the segment of branch opening, he is also taking into consideration the possibility of stopping at around 90 branches in December.
The bank doubled its loan portfolio last year, reaching a loan volume worth 232 million euros. During the same period, the amount of deposits rose by 66%, to 222 million euros. The high growth rates are also made possible by the narrow comparison base, while most banks in the system last year witnessed significant expansion.
Ozatakul did not disclose the bank”s income, which has not been audited yet, but mentioned it was higher than the value reached in 2004. The income derived in 2004 came to 3.4 million euros.
The bank also announced it raised, by one percentage point, the interest rates it pays for RON-denominated deposits, accounting for this move by “the need to align interests to market conditions”. For the following months, the bank also intends to launch another two savings products.
This year, however, will be dedicated to boosting financing destined to small firms and to individual customers. As a matter of fact, most branches to be opened this year will target these two customer categories.
Ozatakul says that to finance investments, the bank will double its capitals, currently standing at 39 million euros. This will be done by raising the share capital, as well as through a bond issue. Moreover, he plans to increase the amount of funds raised through syndicated loans and also through collaboration with international organisations interested to finance various domains of activity.
Finansbank is currently the only Turkish bank left on the Romanian market. iviu.chiru@zf.ro