Banca Italo Romena to continue activity as Veneto Banca

Alberto Morini has been appointed Director General of the Romanian branch.

Starting on May 26, 2014, as a result of the merger between Veneto Banca S.c.p.a. and Banca Italo Romena S.p.a., the Bucharest branch of the Italo Romena S.p.a. bank has become the Bucharest branch of Veneto Banca, changing its name and adopting the Veneto Banca brand. “This year we want to grow on deposits, we have a target of EUR 70 M growth, and currently we have fulfilled over half the budget. For credits we have set a hike of EUR 70 M too. (…) Nevertheless, credits are not growing at this moment in Romania, the market is still closed, the refinancing phenomenon is very important at this moment, but for the time being we do not have new projects to refinance,” Bucharest branch general director Paolo Mariani stated on Wednesday during a press conference. Mariani is leaving the position of director general in order to head Veneto Banca’s private banking directorate, dealing with high-income clients.
His successor in Romania is Alberto Morini, who has already received the BNR’s approval and will take over the mandate starting on Monday. Morini was until last Friday regional director for Veneto Banca in Italy. The credit institution is considering appointing a Romanian manager, however it will make the change when it will be ready to do so. Bank representatives did not want to reveal the operative costs of the merger, the rebranding and the changing of the IT system, however they pointed out that the costs were “modest” compared to the advantages of the merger and they hope they will be absorbed during the financial exercise. Mariani stated that the bank plans to continue to invest in Romania, relying on a parent-bank patrimony of EUR 3 bln. On the other hand, the local branch plans to support itself more from funds attracted from the internal market than from the parent-bank’s funds. He pointed out that the Romanian market represents a reference point for the bank at external level, although the bank is also present in the region in the Republic of Moldova, Croatia and Albania.

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