Leasing appeals to San Paolo IMI

San Paolo IMI Bank Romania, the local branch of the Italian banking group, is planning to enter the leasing market this year by setting up a leasing company. “We have been thinking about creating a leasing company together with the parent-bank’s specialised company, since we assume the industry has huge potential. But it is too soon to talk about details,” said Ioan-Mihail Anca, deputy general manager at San Paolo IMI Bank Romania. The Italians have recently decided to up the Romanian branch’s equity by 5 million euros in cash, which is the first step in the expansion projects for this year. Following the increase, the bank’s capital went up from 656.722bn ROL to 865bn ROL. A similar increase was operated last year. San Paolo IMI Bank Romania is, in fact, the former Arad-based West Bank, which changed its name last summer. Italian group Cardine Banca took over more than 75% in West Bank in 2001, for $12m. Cardine Banca then merged with San Paolo IMI, Italy’s third-largest financial group at the time. ZF