ABN Amro will try to consolidate its position on the Romanian market by improving and broadening its range of financial services, attaching less importance to the growth in lending or the territorial expansion. "Expansion is not our priority. We feel our branches as they are now provide good coverage of the country. We will focus on financial services for the corporate sector. The more the Romanian economy develops, the more complex and sophisticated financial services will be requested by clients. We want to provide just that," says Henk Mulder, chairman of ABN Amro Romania, branch of the Dutch ABN financial group. ABN registered 20% growth in Romania last year, with assets totalling more than 700 million euros. Credits account for 200 million euros in the bank's portfolio. Last year's net profit was not disclosed. Net income amounted to $34 million in 2001, while the equity of the Bucharest office had come to total $30 million. ABN opened its 15th office in Targu-Mures, with Iasi as the next target on the list. ABN Amro Romania is one of the most profitable branches of the Dutch group in the region. "The Bucharest branch has been most profitable since day one and we estimate it will keep going," Robert Van Paridon, ABN Amro Group vice-president and head of the "Working Capital" department said. ZF
