The gross profit of ING Bank Romania went up 36 per cent in Q1 of 2012 compared to Q1 of 2011, reaching RON 65 M, amidst increasing revenue and a slower cost rise, according to a press release received by the editorial office. The positive results were obtained thanks to the growth of revenue and a slower pace of the cost rise. ING Bank Romania closed the first quarter of 2012 with revenue of RON 199 M, representing a 23 per cent growth compared to the same period the previous year. Total assets were RON 17.049 M at the end of Q1 2012, 20 per cent above the end of Q1 of 2011. The credit portfolio was up 15 per cent, at RON 10,174 M in Q1 2012 compared to Q1 2011, with a bigger growth on the corporate segment. The deposit portfolio also grew, reaching RON 10,663 M at the end of Q1 2012. The corporate segment also generated most part of the growth in this case, too. Another very important thing is that ING Romania will have a new CEO starting with September 1, 2012, when Misu Negritoiu is set to become Chairman of the bank. The new CEO will be Michal Szczurek. Negritoiu will continue to support activities and the organisation in Romania from his new, non-executive position as Chairman of ING Bank Romania. ‘Michal Szczurek is a remarkable young leader who brings along a valuable expertise exactly in the areas where ING intends to focus in the coming years: retail, SMEs and electronic banking services,’ Misu Negritoiu added. On the other hand, he also spoke about the Romanian economic reinvigoration, being of the opinion that going on as many non-EU markets as possible as a unique solution would be a fake route, as even there local companies would still be competing with EU players and the ‘nostalgic’ have forgotten that, before 1989, expert was politically planned. ‘The problem Romania has is its position in respect of the EU more than outside the common market. (…) I don’t believe we can achieve the specialisation required to go on the Russian market. Russia also buys from big, competitive manufacturers,’ said the CEO of ING Bank Romania.