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Bucharest
October 28, 2020
BUSINESS

Horia Ciorcila still chairman of the board at Banca Transilvania

Horia Ciorcila’s position as Chairman of the Board of Directors at Banca Transilvania (BT) has been reconfirmed in a meeting in which the shareholders re-elected five of the board members (Roberto Marco Marzanati as Deputy Chairman, Radu Palagheanu – member of the board, Costel Ceocea – member, and Vasile Puscas – member) and appointed two new members, namely Thomas Grasse (Bankakademie Frankfurt – Business School of Finance and Management – Bachelor in Banking) and Ivo Gueroguiev (Master of Science in International Business – University of National and World Economy, MBA – University of Alberta), according to a press release.
BT also announced a first quarter net profit of RON 103.4 million (approx. EUR 23 million), 22.6 percent higher than the profit reported during the same period last year, and a 2.7 percent growth in overall assets to RON 32.92 billion.
In the first quarter of the year, BT has reported RON 102.1 million (EUR 22.6 million) in net expenditures for asset provisions and commitment appropriations, 30 percent higher than the RON 78.5 million reported during the same period last year, considering that the provisioning policy implemented by the bank last quarter was as cautious as when the crisis broke out.
“The bank’s main objective in 2014 is to increase revenue and improve process efficiency,” Omer Tetik, former General Manager of Banca Transilvania, stated in the press release.

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