Deutsche Bank to inaugurate a local project in Romania

Deutsche Bank, the biggest German bank, will launch in the second half the year a local project in Romania. At this point, the mother-branch is giving final approvals, Deutsche Bank operations head in Romania Radu Zaciu told HotNews.ro. Most probably, Deutsche Bank will offer local services for companies in Romania. A related announcement was also made by Juergen Fitschen, Deutsche Bank Board Management member.

„Discussions in the German board continue, therefore the project will come to effect most probably in the second part of 2010. At the moment, we cannot indicate a certain level of the investment we’re considering”, Zaciu told HotNews.ro. He recently returned from Germany, where he discussed details of the project.

Zaciu opened in 1998 the Deutsche Bank Romania office, intending to get a banking licence one year later. Romania’s economic issues at that time (the danger of inability of payment was looming), when foreign specialised agencies cut Romania’s rating three times in one year made the banking licence to be redrawn by the Management Council of the mother-branch. Deutsche Bank also took part in the attempt to buy BCR, but was defeated by the Austrians from Erste Bank.

At the end of October 2009, the real estate division signed the contract of taking over the biggest office building in Bucharest. The transaction was estimated to 100 million euros.