Deutsche Bank will enter the Romanian market in 2010, on corporate segment

Deutsche Bank, the largest German crediting institution, will enter the Romanian market next year, by opening a branch to serve corporate clients, without planning any new acquisitions.

According to Mediafax, the director for Romania of the company, Juergen Fitschen, announced that he anticipates difficulties in the first half of the next year connected with the losses generated by the bad loans in the global banking industry. Actually, a month ago, Juergen Fitschen declared in an interview to the publication Boersen-Zeitung that he analyzes the possibility of some acquisitions in Central and East Europe, immediately after the countries from this region are back on an upward trend.

However, Juergen Fitschen stressed that the bank does not need to make acquisitions in order to increase its presence on the markets from the region. The real estate division of the German group Deutsche Bank has recently signed the contract for the takeover of the biggest office building from Bucharest, further to a transaction estimated at over EUR 100 M. This is the first major transaction from the capital city this year. The building, recently completed, has a rentable surface of 57,000 sq m, and had been largely hired, the companies being set to move in the new spaces at the end of the year, according to the consultants involved in this transaction. The project, located at Pipera, includes also an office building finalized last year and two dwelling buildings which are in construction. All these buildings will become the property of Deutsche Bank upon finalization, for a total price of around EUR 340 M, a deal signed already in 2008. Deutsche Bank has not renounced the acquisition, but the rentals on the office space market have begun to fall, around 100,000 sq m of empty spaces being available in the market. The German group estimates a net profit of EUR 1,4 bln for the third quarter of this year, according to the preliminary data announced last week, against EUR 414 M registered in the same period of the past year.

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