Romania's Banca Transilvania opens first branch in Rome

Romanian lender Banca Transilvania recently opened its first outlet in Italy, the country which hosts a large community of Romanian workers. With its bank unit in Rome, Banca Transilvania targets Romanians who work in Italy, as well as companies with Romanian shareholders in the country. The bank offers deposits, loans, internet banking, mobile bank, money transfers, direct debit and the possibility to pay bills for all suppliers in Romania, among others. In the first three months of activity in Rome, the bank unit will offer three packages with free products. The unit is located on 184 B Via Baldo degli Ubaldi, and is opened daily between 8.00 and 16.30, and on Saturdays between 8.30 and 11.30. Together with this expansion, the bank chose to end its activity in Cyprus and close its branch there as of the beginning of December, mainly because of the unfavorable Cypriot economic context. Banca Transilvania reported a stagnating profit in the first half of this year, of some EUR 41 million, while its assets were up 2 percent, to some EUR 6.8 billion. Banca Transilvania's largest shareholders are the European Bank for Reconstruction and Development (EBRD), with 14.6 percent of the shares, and Bank of Cyprus, with 9.9 percent. The bank's shares are floating on the Bucharest Stock Exchange, where it has a capitalization of some EUR 620 million. editor@romania-insider.com