Getin Holding hires Rothschild to sell Idea Bank Romania

Polish financial group Getin, founded by Leszek Czarnecki in 1996, has signed an agreement with the international investment bank Rothschild for consultancy services on the potential sale of its Romanian subsidiary, Idea Bank Romania, Ziarul Financiar reported.

Getin Holding took over Idea Bank, formerly Romanian International Bank (RIB), in 2014 from its founder, US businessman Daniel Roberts.

The bank provides services to both individuals and SMEs, with 33 branches and three offices nationwide.

At the end of 2019, IDR ranked 22nd in the local banking sector, with a market share of 0.47% of the total assets.

Idea Bank recorded an operating income of RON 55.8 mln (EUR 11.5 mln) in the first half of 2020, up 11.7% compared to the same period of last year.

Its net profit almost doubled to RON 5.6 mln (EUR 1.15 mln), according to a report published on the Bucharest Stock Exchange (BVB).

The whole Idea group, which also includes Idea Leasing, Idea Investment, Idea Finance, Idea Insurance Broker, and Idea Consumer Loans, recorded an operating income of RON 78 mln, down 2.6% year-on-year, and a net profit of RON 6.1 mln, 14% lower yoy.

Idea Bank's assets account for 93% of the group's total assets. In the first six months of 2020, the bank's assets increased by 9.8%, to RON 2.4 bln (EUR 490 mln), amid the increase in net loans by 9.4% year-to-date, to RON 1.5 bln, while the deposit base increased by 8.7% year-to-date, to RON 2.1 bln.

(Photo: Patryk Kosmider | Dreamstime.com)