Press Releases
UNICREDIT TIRIAC BANK OBTAINS A NET PROFIT OF 122 MILLION LEI IN THE FIRST 9 MONTHS OF 2011
UniCredit Tiriac Bank obtained a net profit of 122 million lei, according to the International Financial Reporting Standards (IFRS), in the first nine months of the current year, 43% less compared to the results obtained in the similar interval of last year. Measured according to the local accountancy standards (RAS), on the same period the net profit of the bank was of 153 million lei.
The bank registered revenues of 916 million lei (EUR 218 million) in the first nine months of the current year, 10.4 % less as compared to the similar interval of 2010, but 1% more calculated in similar conditions, removing the impact of adjustments imposed by regulations and accountancy changes implemented last year. In the third quarter of 2011, UniCredit Tiriac Bank registered revenues equal to those obtained in the second quarter and more than those of the first three months of 2011.
The net revenues from other sources beside interests (such as commissions and market operations) went up 9.3%, while the net revenues from interest went down 18.4%, being affected by the reduced volume of economic activity and the impact of legislative changes.
Operational expenses went up 6.2% between January and September this year, compared to the first nine months of last year, influenced by the inflation and statutory adjustments imposed by market regulations. The cost and revenue ratio was of 49.6%.
The solvency rate is at the comfortable level of 11.2% according to RAS. The coverage with provisions of the portfolio is 6.6%.
Assets volume amounted to 21.6 billion lei (EUR 5 billion) at the end of September 2011, 7% more per year. The balance credit portfolio has gone up 16.5% compared to the value registered on the 30th of September 2010, up to 15.5 billion lei (EUR 3.6 billion), the rate being over the average registered in the banking system. Clients’ deposits amounted to 9.9 billion lei (EUR 2.3 billion).
"Modest economic growth and the external uncertainties have affected the Romanian market and also the consumer behaviour. In addition, we see a reduced appetite for risk and tightening of regulations in the global arena, but also at local level. All these factors affect the fundamentals of the banking activity, where margins are under pressure and the costs are constantly increasing. We compensate for these negative trends with a more active commercial strategy, offering customers greater opportunities in these difficult times. We carefully follow the market evolution to cope with possible turbulence through flexibility and attention to the consumers," said Rasvan Radu, CEO UniCredit Tiriac Bank.
Total consolidated assets of UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing amounted to 24.9 billion lei (EUR 5.7 billion) at the end of September 2011. The Group's net consolidated profit amounted to 122 million lei in the first nine months of 2011, while the bank share capital amounted to 2.4 billion lei (EUR 556 billion).
UNICREDIT TIRIAC BANK APPROVES THE FIRST LOANS THROUGH KOGALNICEANU CARD PROGRAM
14.11.2011
UniCredit Tiriac Bank granted the first credit line within Kogalniceanu card program for beneficiaries approved by the Agency for the implementation of projects and programs for SMEs (AIPPIMM).
"With our active presence in Kogalniceanu card program, we would like to once again meet our customers needs. The facility allows SMEs customers to obtain bank financing for the main categories of expenditures necessary for carrying out their current activities, such as supply / sale, execution of works and / or services, salaries and other related expenses. An important advantage is the fact that AIPPIMM will pay every month the subsidized interest, which is up to 70% of its value, but not more than 6.5% / year, "said Bogdan Spuza, Marketing and Segments Director within the Retail Division of UniCredit Tiriac Bank.
Once the client submits all the documents requested, the period of time in which the Bank approves the credit line is between 7 and 14 days.
Kogalniceanu program for SMEs is a multi-annual instrument aiming at encouraging and stimulating the creation and development of SMEs in the period 2011-2013, which consists in granting credit lines of up to 125,000 lei / SME / year. The interest is partially subsidized and, where appropriate, the loan is guaranteed by FNGCIMM, in the name and on behalf of the state. AIPPIMM pays the subsidized interest only after the SME pays the interest that owed, under the credit line agreement.
The beneficiaries of the program will have to provide to the Bank collateral guarantees for at least 40% of the loan value. If the beneficiaries do not have sufficient collateral securities to fully cover the credit, they can go for the FNGCIMM guarantee.
The credit line will be used only for the types of expenditures which are eligible under the program and on the basis of evidence-documents, the clients not being allowed to use the credit line in cash.
NEW UNICREDIT TIRIAC BANK BRANCH OPENINGS
11.10.2011
UniCredit Tiriac Bank has opened five new branches, of which two in Bucharest, two in the city of Constanta and one in the city of Bacau.
"We wish to position ourselves as close as possible next to our clients and local communities, prove them we are an easy-to-work-with partner and we actually meet their level of expectations and exigencies. We are glad to announce the new branch openings, part of a vast development plan, which UniCredit, as an European bank, has for the market in Romania", stated Emanuele Butta, Vice-president, in charge with the Retail Division of UniCredit Tiriac Bank.
In the capital city, the bank has inaugurated Gara de Nord Branch (1 I.G. Duca Street) and Bucur Obor Branch (2 Colentina Road, ground-floor, within Bucur Obor shopping centre), thus reaching a total number of 54 units in Bucharest.
In the city of Constanta, UniCredit Tiriac Bank has opened two new branches, one within the Constanta Harbour, at the entrance of Gate 1, and another one in Mircea cel Batran Street. These two inaugurations come to consolidate the bank presence in the city of Constanta, where there were already 11 branches.
The branch inaugurated in Bacau is in 25 Energiei Street and this is the sixth UniCredit Tiriac Bank unit opened in this city.
"Notwithstanding the difficult economic context, both at national and international level, UniCredit Tiriac Bank has permanently supported its clients in getting through the daily challenges together. Furthermore, we wish to assure you of our commitment in the long run in order to be able to progress together", added Emanuele Butta.
By the opening of the new five branches, UniCredit Tiriac Bank currently reached a national network counting 240 units.
IOANA TANASE NAMED IN CHARGE OF UNICREDIT CAIB SECURITIES
16.09.2011
Bucharest, September 15
Ioana Tanase was named in charge of UniCredit CAIB Securities starting on the 15th of September.
For 4 years before accepting this position, Ioana Tanase had been the General Manager of EFG Eurobank Securities, company within which she worked since 2001, as Head of Research and Sales.
With a lot of experience in the field and specialized studies in Romania and in the US, Ioana also graduated from the Eastern European Training Program, organized by the investment bank Merrill Lynch New York and was also certified as a Chartered Financial Analyst by the CFA Institute, Charlottesville, VA. Also, she is a member of the CFA Institute and among the founding members of CFA Romania.
Ioana Tanase will be confirmed in her new position at CAIB Securities by the National Commission of Transferable Securities.
About SSIF UniCredit CAIB Securities Romania SA
SSIF UniCredit CAIB Securities Romania SA, created in 1995, is a financial investments service company, founding member of the Bucharest Stock Market, member of the Broker Association, individual compensating member registered in the Central Depository register of compensating members and founding member of the Investors Compensation Fund SA.
UniCredit CAIB Securities Romania SA’s vision is to become one of the best financial investment services companies in the region, by providing a large array of services and products for both enterprise clients and retail clients, locally and internationally.
AS MAIN PARTNER, UNICREDIT TIRIAC BANK ANNOUNCES THE OFFICIAL OPENING OF THE PRESS CENTRE FOR THE GEORGE ENESCU FESTIVAL AND INTERNATIONAL COMPETITION
17.08.2011
As main partner of the George Enescu Festival, UniCredit Tiriac Bank announces the official opening of the Press Centre for the festival, at Sala Palatului (the Palace Hall). UniCredit Tiriac Bank completes the facilities provided by the festival organizers, welcoming the Romanian and foreign journalists present for the event in the UniCredit area, where they will have access to laptops and printers connected to the Wi-Fi network.
"We hope that the journalists visiting the UniCredit area feel extraordinary here and are able to perform their activities in a relaxing and comfortable ambience. This is not the only novelty we bring to the festival. We will also be there for the music lovers offering them, by small details, all the necessary comfort in order for them to fully enjoy the entire beauty of the music and the show offered by this exquisite festival", states Anca Nuţa, Head of Identity & Communication UniCredit Tiriac Bank.
Having reached its 20th edition, the George Enescu Festival and International Competition opens its gates on September 1st. Consistently following its long tradition of promoting culture, UniCredit Tiriac Bank actively involves in supporting the festival this year, too.
Also present at the 2009 edition of the George Enescu Festival, as main partner, UniCredit Tiriac Bank offered the organizers a Steinway & Sons piano, in order for it to be provided with the artists on the occasion of the following editions of the event. Furthermore, in this year’s program, UniCredit Tiriac Bank brings exceptional shows - the "By Midnight" Concerts, which will take place every day at Ateneul Român (Romanian Athenaeum), as well as the Concert of the Vienna Philharmonic Orchestra, scheduled for September 16th at Sala Palatului (the Palace Hall).
This year’s jubilee edition of the George Enescu Festival will take place between September 1st and 25th, and will include symphonic and cameral concerts, recitals, opera and ballet performances held in the main Halls in Bucharest, but also in certain historical cities related to the Romanian composer’s life.
UNICREDIT TIRIAC BANK REPORTS 94MN RON NET PROFIT UNDER IFRS IN H1
04.08.2011
- Loan portfolio increased by 7.7%
- Market share up in Corporate as well as Retail
- Impairment losses stabilized and NPL already peaked
- The bank continued to invest in infrastructure, people and expanding the client base
August 4th 2011 - UniCredit Tiriac Bank reports RON 94mn net profit under IFRS in H1 2011, down by 36.6% compared to the first 6 months of 2010, yet 2Q profit is 78% higher than 1Q 2011 one.
Net profit under RAS was RON 124 mil (EUR 29.8 mil) in the first half of 2011.
The bank reports RON 600mn (EUR 144mn) revenues for the same period, down 8.7% year-on-year. 2Q revenues are up 12.5% compared to the ones of 1Q 2011. Net non-interest income is up 19.4% year-on-year, while net interest income is down 19.4% applying a prudential approach in recognising income on arrears. The operating expenses are up 5% year-on-year influenced by statutory adjustments and inflation. Cost-to-Income ratio is 49.9%. Solvency ratio is 12.4% under RAS. Annualised Cost of risk decelerated to 195bp from 210bp a year ago. Total provision coverage under IFRS is 6.2% now.
The balance sheet total of the bank is RON 20.5bn (EUR 4.8bn) at the end of June 2011, close to the level of 2010 end. Total outstanding on-balance-sheet loan portfolio increased 7.7% year-on-year to RON 14.4bn (EUR 3.4bn), better than the system. Customer deposits reached RON 9bn (EUR 2.1bn).
“We see positive signals in the economy and the market which is reflected on our balance sheet and bottom line. We restarted lending growth and hit the bottom in terms of NPL ratio. Although still far from recovery we are optimistic on longer-term business opportunities in Romania and continue actively investing in infrastructure, systems and people. Fitch upgraded the bank’s rating to BBB+, a positive fact triggered by the sovereign rating upgrade.” said Rasvan Radu, CEO of UniCredit Tiriac Bank.
The consolidated total assets of the group (UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing on a pro-forma lin-by-line consolidated basis) were RON 23.7bn (EUR 5.6bn) at the end of June 2011. The shareholders’ equity was RON 2.5bn (EUR 590mn). The consolidated 1H 2011 net profit of the group was RON 90.4mn.
WRITING FOR CEE JOURNALISM PRIZE
19.07.2011
Submission period for authors ends on 31 July 2011
- Prize for EUR 5,000 honours contributions, which focus on borders and prejudices within Europe in varied ways and help to overcome them
- APA and Bank Austria calling for entries until the end of July
Writing for CEE, the international journalism prize awarded annually by APA – Austria Press Agency and Bank Austria since 2004, is approaching its final days. Journalists from the countries of Central and Eastern Europe (CEE) have the opportunity to submit their work until 31 July, and the winner can look forward to a EUR 5,000 award.
The prize honours works that deal with Europe and Europeans, everyday life in the countries of Europe and European art, culture or lifestyles – and that make a contribution to breaking down barriers and overcoming prejudices. Entries must have been published in print media, on the radio, on television or on the Internet between 1 August 2010 and 31 July 2011.
The prize is aimed at encouraging the journalistic examination of Europe and European integration. Writing for CEE is not an EU prize, but “a European prize with a focus on Central and Eastern Europe”. However, journalists from all over Europe – for example, from Northern Europe or the Baltic states – are especially invited to submit their work. The winner will be announced at a gala event held in November 2011 in Vienna.
Members of the jury, which meets in various constellations, include the Czech communications expert Milan Smid, the Slovakian publicist Michael Berko, the communications advisor Ildiko Füredi-Kolarik, the Polish journalists Igor Janke and Pawel Bravo, the former advisor to the Czech president Jiri Pehe, the Hungarian radio journalist Julia Varadi, the Bulgarian author Janina Dragostinova, Bank Austria’s CEE press officer Tiemon Kiesenhofer and the chairman of the jury, APA’s editor-in-chief for foreign affairs Ambros Kindel.
The article in the original language, an English translation and the author’s curriculum vitae are required for entry. The entry form and additional information can be found at www.apa.at/cee-award.
UniCredit
UniCredit is a leading European bank with strong roots in 22 countries. Our overall global network embraces approximately 50 markets, with over 9,600 branches and more than 162,000 employees (as of 31 December 2010). Understanding the real-life situation and needs of individuals, companies and local communities is at the center of our professional commitment. We are all about providing concrete answers and real benefits to the challenges and opportunities our customers face.
In the CEE region, UniCredit runs the largest international banking network with nearly 3,900 branches. The Group operates in Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
TARGET 2, A STEP TOWARDS THE EURO
04.07.2011
By joining the European Union, Romania undertook to adopt the Euro currency in the conditions of fulfilling the Maastricht Treaty criteria, regarding achieving an adequate convergence level with the economies of the Euro zone member states. Adopting the unique European currency does not only mean a change of the legal tender: it also involves ensuring an adequate payment infrastructure to facilitate the implementation of the unique monetary policy of the Eurosystem and the cross-border settlement of payments within the EU.
With this purpose, central banks in the Euro zone have developed the TARGET system (Trans-European Automated Real-time Gross settlement Express Transfer), by interconnecting 17 real-time gross settlement national systems with the payment mechanism of the European Central Bank. The TARGET system became functional on January 4 1999, once the Euro currency was launched. Starting with November 2007, a new generation of the system was introduced - TARGET 2.
TARGET 2 is a Euro payment system made available by Eurosystem, used for the settlement of central banks operations, high value Euro inter-banking transfers, as well as other Euro payments. The system allows the real-time processing of payments, settlement in accounts opened at the central banks and it has immediate finality. Three central banks that are members of the Eurosystem (Banca d’Italia, Banque de France and Deutsche Bundesbank) supply and technically operate, in the name of the Eurosystem, the technical infrastructure and the unique common platform of TARGET 2.
UniCredit Tiriac Bank is one of the banks that will be a part of TARGET 2-Romania, starting on July 4, 2011.
THE UNICREDIT LITERARY DEBUT COMPETITION ANNOUNCES THE WINNERS OF ITS FOURTH EDITION
01.07.2011
The UniCredit Literary Debut competition has announced the winners of its fourth edition, for all three categories of the competition: poetry, short fiction and novel, during an Award Ceremony that took place last night, at the UNICREDIT PAVILION, starting at 18:00.
This year, the number of people that signed up for the competition was by 30% higher than last year, totaling 186 literary works, out of which 18 were nominated for the grand prizes.
Thus, the poetry category had two nominations, and the winner is Laurentiu BELIZAN, from Buzău, for the book of poetry untitled "Între noi un zid pe lună" (‘A moon-wall stands between us’).
Paul Cernat, member of the UniCredit Literary Debut competition jury, offered the motivation for choosing the winner: "Între noi un zid de lună" is the book of a talented poet, well-read, inclined towards mannerist voluptuousness adorned with exotic cultural references, often times from the Extreme Orient, that prove an escapist and aesthetical sensibility. Often based on a quotidian biographical support, his lyrical discourse indulges in elaborate and sensual decorative metaphors. There is also some sort of restrained juvenile sentimentalism that adds to the feel of the poems but that sometimes risks to get out of control. A better dosing of the inner overflow and of the mythological references, as well as a more strict selection of the texts would better highlight the fastidious scenarios of the young writer who, besides his lyrical imagination, easily scrolls thorough various poetry styles, usually going back and forth between the nostalgia of a "naturist" childhood and the urban daydreaming."
Competition was fierce in the short fiction category, as 11 works were nominated. The winner was Petru ALBU, from Simeria, Hunedoara county, with the volume untitled "Trestii" (‘Reeds’).
Radu Paraschivescu, member of the jury, explains why Petru Albu's work was chosen: "Trestii" seems to be written by an experienced storyteller, who went though a long and useful apprenticeship. The narration is engaging, the images surprise the mind’s eye, clichés have fled to the hills. Elliptic or not, the sentences show the art of narrative scaling that is common with authentic talents. Comparisons do not become excessive as is often the case with debuts. When reading, one is simultaneously intrigued and happy ("The field was quivering like a Portuguese lament"). Between alert short stories, only several pages long, the author inserted a jewel, ‘Sisamnes’, which definitely tipped the scales. It is the text that would have brought victory to any of the first five volumes selected."
A special mention was also granted in this category, to Şerban Mihai GEORGESCU from Bucharest, for his volume "Ghidul cititorului miotonic" (‘Guide of the myotonic reader’), because it is "the most well-written and clever text; unfortunately, it is not short fiction", as Radu Paraschivescu explained.
Six works were a step away from the grand prize in the novel category, but only one of them won it: "Nu mă atinge" (‘Do not touch me’), written by Dumitra STOICA from Bucharest.
Liviu Papadima, member of the UniCredit Literary Debut competition jury, offered a motivation for awarding the prize to "Nu mă atinge": "There are white utopias, pictures of an ideal world, as well as there are dystopias, dark utopias, somber dreams of the future paths. "Nu mă atinge" is a suave utopia that is also filled with drama. It reveals through an ingeniously allegoric form the convulsions and fears of our everyday present times. The futurological pretext gives the author a consistent alibi for detaching herself from the doctrinal passions that usually plague the judges of their times. The book is written with finesse, even with stylistic virtuosity, offering the reader a delightful experience."
The works of the 3 winning authors will be published by the Humanitas Publishing House and launched during the GAUDEAMUS International Book Fair, the 18th edition, which will take place in November 2011. Furthermore, all the winners will receive a one-year subscription to their favorite monthly publication, offered by HDS Inmedio, partners of the project.
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About UniCredit tiriac Bank
UniCredit tiriac Bank is a top European bank whose cultural-artistic sponsorship activities are focused especially in the visual arts, but also cover music and literature, in the spirit of the UniCredit Group tradition. The bank offers financial support to the first independent arts and culture center, opened under the name UNICREDIT PAVILION, and it is also a strategic partner of the Bucharest International Contemporary Art Biennial. The cultural-artistic part of the bank’s ethics and responsibility strategy is mainly shown though its implication in long-tern projects that it finances as a main partner, for instance, the George Enescu International Festival and Competition and the UniCredit Literary Debut Competition.
The Catalist Association
The Catalist Association was founded in 2007 with the purpose of promoting Romanian culture, of books in general, and of supporting future Romanian writers. Besides launching the third edition of the UniCredit Literary Debut competition, the association also developed projects whose objectives were: the development and maintaining of partnerships with Romanian publishing houses and with the local press for book reviews; promoting the written culture, increasing the public interest in reading by promoting the published books, initiating and promoting an original project - a feuilleton published online and written by five Romanian authors.
SEVERAL CELEBRITIES, LED BY THE MINISTER FOR ENVIRONMENT AND FORESTS BORBELY LASZLO, RODE THEIR BICYCLES FOR THE OPENING OF THE NEW CICLOTEQUE CENTER IN THE DRUMUL TABEREI PARK
30.06.2011
On Wednesday, June 29, a new Cicloteque bicycle rental center was opened in the Drumul Taberei Park (previously known as Moghioros), event attended by Borbely Laszlo, the Minister of the Environment and Forests, Zoli Toth (Sistem), Sorin Brotnei (Akcent), Lucian Mandruta (Antena 2), actor Dorian Boguta, Alexandru Constantin (Prima TV), Stefan Lungu, composer Zsolt Kerestely and Dragos Bucurenci, president of the MaiMultVerde Association. They paraded on their bicycles, dressed in elegant attire offered by Trends by Adina Buzatu, proving that it is possible to ride a bicycle even when your job demands more official clothing.
Elena Udrea, the Minister of Tourism and Regional Development and Cristian Poteras, Mayor of the 6th District were also present at the opening of the new Cicloteque center, thus expressing their support for the promotion of cycling.
The Cicloteque network is a MaiMultVerde and UniCredit tiriac Bank project, with the support of the 6th District City Hall, the Bucharest Lakes, Parks and Leisure Administration and the University of Bucharest.
The new Cicloteque center was inaugurated during an innovative event, a men’s fashion show on two wheels that was attended by Borbely Laszlo, the Minister of the Environment and Forests, Zoli Toth (Sistem), Sorin Brotnei (Akcent), Lucian Mandruta (Antena 2), actor Dorian Boguta, Alexandru Constantin (Prima TV), Stefan Lungu, composer Zsolt Kerestely and Dragos Bucurenci, the president of the MaiMultVerde Association. They paraded on the Cicloteque bicycles dressed in elegant and business clothing offered by Trends by Adina Buzatu. By doing this, they proved that the bicycle is a versatile means of transport that can be adapted for different occasions, from a simple ride through the park to travelling to a business meeting.
Adina Buzatu designed the clothing specifically to prove that people can choose any style they want when they ride their bicycles, not just sports wear. They can dress casual, elegant or business, depending on the demands of their profession.
"Those that say you cannot dress elegantly when riding a bicycle either don’t know how to dress or how to use a bicycle", stated Dragos Bucurenci, the president of the MaiMultVerde Association, about the concept of the launch event for the new Cicloteque center.
"It is very important that the chosen clothes are comfortable and made from natural fabrics. Excessive sweating is unpleasant and it happens when wearing clothes made from synthetic materials. The attitude one has when riding a bicycle must also be natural, a very important fact that completes the aesthetic success. The men chosen for the fashion show are important, not just because of their names or their careers, but mostly because they are passionate cyclists and convinced environmentalists, that encourage the fight against pollution through their lifestyle", stated Adina Buzatu.
“We wanted to turn cycling into an environmentally friendly alternative to driving a car, thus showing that there are solutions to the problem of pollution in our city. We are proud of this project because Cicloteque is a pioneering initiative in the field of cycling that brought Bucharest closer to other European capitals. We consider it a special success that the project became self-financed after only three years, a living proof of the fact that the citizens of Bucharest are interested in environmental issues, taking up this activity as if it was their initiative. And last but not least, it turned cycling into a lifestyle!" stated Anca Nuta, Head of Identity and Communication UniCredit Tiriac Bank.
Cicloteque, the first bike-sharing system of Romania, currently has four centers that rent bicycles at very friendly prices. The first center, opened in 2008, is located within the premises of the Law School. Another two centers were opened in 2010 in the Tineretului and Herastrau Parks. Thus, through the four centers, Cicloteque became a bike-sharing network in the true sense of the word, as users can rent bicycles from one center and return them to another. The rental and reservation of bicycles are done online, on the website www.cicloteque.ro and the rates are: 2 RON per hour, 10 RON per day or 20 RON for two days. Students, retired people and unemployed people benefit of special rates, reduced to half of the normal cost.
In 2010, 11,970 users subscribed for the Cicloteque system and enjoyed its benefits and the bicycles were rented more than 20,000 times. The number of users grew by almost three times compared to the previous years, which proves that the interest of the people of Bucharest in cycling grows stronger each year.
Since the Cicloteque bike-sharing service became self-financed in 2010, all the administrative expenses are covered from the proceeds and the interest in cycling is growing, the MaiMultVerde Association and UniCredit Tiriac Bank are planning an expansion of this service.
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MaiMultVerde Association is a non-governmental, non-profit and environmental organization with the mission of building a new culture of environmental volunteering in Romania. In its first three years of activity, 2008 - 2010, MaiMultVerde has worked with more than 15,000 volunteers, planted more than 500,000 seedlings, gathered more than 300 tons of waste, opened the first bike-sharing system in Bucharest, Cicloteque, ran several national informative and educational campaigns and organized the first fund gathering gala for environmental projects, Gala Verde (Green Gala). The MaiMultVerde budget for the first two years was higher than EUR 2,500,000. The funds were obtained from sponsorships offered by large companies in Romania.
UniCredit Tiriac Bank is the Romanian banking subsidiary of UniCredit Group, one of the most important players on the European financial services market, with operations in 22 countries and a well-developed social responsibility strategy. Also, in order to unite the entire UniCredit Group with the purpose of social responsibility and of increasing the value of voluntary cash donations in favor of non-profit entities, annual volunteering programs that involve the employees are carried out, with the financial support of the Unidea foundation, the humanitarian foundation of the UniCredit Group. The bank carries out its activities fully aware of the responsibility it has towards society and the environment. UniCredit Tiriac Bank is actively involved in the community, thus continuing the tradition of the majority shareholder. So far, it offered support to several organizations and foundations, such as MaiMultVerde, Hospice Casa Sperantei Foundation, Motivation Romania, SOS Satele Copiilor, Serviciul Apel, Freedom House, Care Foundation, Catalist Association, ArtPhoto Association, Anonimul Foundation etc.
A NEW DEPOSIT WITH YIELD CONNECTED TO THE EVOLUTION OF THE EXCHANGE RATE AND AN INTEREST RATE OF 11% PER YEAR
29.06.2011
UniCredit Tiriac Bank launched Maxi Depo, a deposit targeting natural and legal persons, whose performance is connected to the evolution of the foreign currency exchange rate and that offers the customer the possibility of getting a superior yield to that of a regular deposit. The invested amount is guaranteed if the customers maintains the agreement until the deposit due date.
So far, the version of the product with 6 month maturity is available, with weekly subscription, Monday to Friday, and a minimum deposit acceptance amount of RON 3,000.
The notional (the minimum amount that must be reached within a collective subscription) is of RON 2,000,000. In case the notional is not collected within a subscription period, the deposit is not constituted, and the principal stays in the current account of the customer.
The maximum interest of the RON deposit is currently at 11% per year and the period within which the exchange rate must fluctuate so that the deposit is remunerated at this level is set according to the NBR exchange rate on the date of the investment, framed within two comfortable margins, set according to the market conditions in the subscription period.
For instance, for the subscription period that recently started, 27.06.2011-01.07.2011, the investment date is 04.07.2011 and the deposit validity period is of 179 days (04.07.2011- 30.12.2011).
The interval is calculated like this: the lower limit is the value of the NBR EUR/RON reference exchange rate, from which 2.80% is deducted, and the upper limit is the NBR BNR EUR/RON reference exchange rate to which 3.46% is added.
Example: for an NBR exchange rate of 4.2160, the interval is between 4.0980 - 4.3620.
Should the NBR exchange rate become equal or higher to any of the interval limits for at least one day during the 6 months of maturity, the obtained interest is of 0.10% per year, the current account interest
Possible situations at the maturity of a RON 3,000 deposit:
A. The official published NBR exchange rates for the pair EUR/RON in each working day during all 179 days of the deposit have always been above 4.0980 and below 4.3260 (without becoming equal to one of these values). The customer receives RON 3,000 as principal, plus 11% interest per year, RON 3,164.08 in total.
B. The official published NBR exchange rates for the pair EUR/RON in each working day during all 179 days of the deposit have been lower or equal to 4.0980 or higher or equal to 4.3620 for at least one day. The customer receives RON 3,000 as principal and 0.10% interest per year, respectively RON 3,001.49 in total.
The interest calculation formula is: Interest = N * d * t / 360, where:
- N = the value of the deposit (at least the minimum amount required to constitute the deposit)
- d = annual interest rate (%)
- t = number of days of the deposit
For the subscription period, the principal is remunerated with an interest rate of 0.1% per year.
Investing in such a deposit is recommended if the customer has the certainty and the capacity to maintain his investment for the entire duration of the deposit.
UNICREDIT ANNOUNCES EXTENSION OF THE UEFA CHAMPIONS LEAGUE SPONSORSHIP UNTIL 2015
31.05.2011
After the groundbreaking 2009-2012 sponsorship agreement, UniCredit is proud to announce the extension of the contract for the UEFA Champions League to the cycle 2012 – 2015. With the renewal of this agreement, UniCredit will continue its association with UEFA Champions League, Europe’s most prestigious club football tournament.
The UEFA Champions League sponsorship has proved a powerful driver towards greater brand awareness. The extension of the sponsorship will allow UniCredit to build on the results achieved so far in supporting the master brand strategy, fostering the European image of the bank, and strengthening local brands and business via this prestigious platform. Furthermore, the sponsorship will furthermore support the rebranding processes in Poland and Ukraine in the near future.
"The renewal of the sponsorship for three more years is a clear confirmation of our belief in being a European group with a strong presence in our core markets including CEE, as we aim to continue to leverage on the UEFA Champions League sponsorship to increase our brand awareness in the region", underlines Federico Ghizzoni, Chief Executive Officer of UniCredit. "Clearly, we chose a European sponsorship platform that perfectly fits with our positioning as a leading European bank."
"We are extremely pleased that UniCredit has chosen to extend its agreement with UEFA and with the UEFA Champions League for another three-year cycle. Their renewed support and contribution, particularly in the promotion of the competition in Eastern Europe, is highly valued. As one of the key activities, the UEFA Champions League Trophy Tour presented by UniCredit has created unforgettable and exciting experiences for football fans in those territories. The UEFA Champions League continues to be a very valuable platform for our sponsor partners and we are confident that it will continue to provide UniCredit with excellent opportunities to connect with fans across Europe and further strengthen their association with the competition". David Taylor, CEO UEFA Events S.A.
THE UEFA CHAMPIONS LEAGUE SPONSORSHIP HAS AGAIN PROVED TO BE A KEY DRIVER FOR UNICREDIT TO STRENGTHEN ITS POSITION AS A LEADING EUROPEAN BANK
30.05.2011
This season, the UEFA Champions League sponsorship has again proved its power for UniCredit to pursue the stated goals such as supporting the master brand strategy, fostering a European image, strengthening local brands and business via this prestigious platform.
"The concrete results of the last two seasons document that we as a top European bank have chosen a successful path within the football community", states Federico Ghizzoni, Chief Executive Officer of UniCredit. "Thanks to the comprehensive communication and activation measures and the strong commitment of the group’s employees, the success of this sponsorship could be further pushed."
The visibility for UniCredit has been extremely high and the logo has been associated with UEFA Champions League initiatives trough ~ 5 bn contacts in the last two seasons.
In markets with consistent activation measures the brand awareness increased significantly. Overall the aided brand awareness on group level increased by 5 percentage points between November 2009 and November 2010.
The results of brand equity studies show that since the beginning of the sponsorship UniCredit improved its image dimensions as well as propensity to buy. Where the UEFA Champions League sponsorship has been activated UniCredit generated effective sales conversion and leads.
The UEFA Champions League Trophy Tour presented by UniCredit has been particularly instrumental in driving brand awareness. Over the past two years ten countries and 49 cities were visited, resulting in a high response in non-financial media and generating great potential for media. Throughout attractive road-show event series UniCredit welcomed in total 228,500 visitors and achieved an average return on investment of 374.5% per Trophy Tour.
Trophy Tour 2011
Building on this positive experience, this year’s UEFA Champions League Trophy Tour presented by UniCredit is scheduled to visit three more countries and five major cities in Europe. So the 2011 route will include Saint Petersburg (September 16 - 18) and Moscow (September 23 - 25) in Russia, Kiev (September 30 - October 02) and Donetsk (October 07 - 09) in Ukraine and finally Belgrade (October 14 - 16) in Serbia.
Sustainability to underline the commitment
This year, UniCredit has also given a more pronounced social dimension to the sponsorship. Through the online campaign “Make a kid smile” - launched in time to take advantage of the excitement generated around the UEFA Champions League Final - and its internal initiative the group has enabled employees and the public to support football schools and social projects in different countries where the group is present.
In particular, as a result of the campaign "Make a kid smile", UniCredit Foundation, the corporate philanthropy body of UniCredit, has contributed to “Open Fun Football Schools”, a project that promotes the values of fairness, team spirit and mutual respect among children living in divided societies. With this donation, UniCredit will actively support "Open Fun Football Schools" in Bosnia, Croatia, Serbia and Ukraine by providing equipment and will also promote the project in new countries like Bulgaria, Slovenia and Slovakia in 2011.
According to Maurizio Carrara, Chairman of UniCredit Foundation, "this initiative demonstrates how sport and social commitment can go together. We thank all fans, who, through uploading their picture, made us donate to this valuable and far reaching project".
The "Make a kid smile" campaign has been endorsed by Luís Figo, the Official UniCredit Ambassador for the UEFA Champions League. "My personal experiences within my social commitment have proved that there is much more that counts in life than football. So, it was a pleasure for me to follow this initiative, especially since the benefitted project uses football as a vehicle to promote tolerance, respect and fairness."
ALTERNATIVE SOCIALE ASSOCIATION, UNICREDIT FOUNDATION AND UNICREDIT TIRIAC BANK CONTINUE THEIR PROGRAM DEDICATED TO FIGHTING NEGATIVE EFFECTS OF MIGRATION ON VULNERABLE SOCIAL CATEGORIES
20.05.2011
400 elders in difficult situations from Iaşi County will benefit from social and psychological assistance, as well as from material support to fit their needs, consisting of food, clothing and prosthetics
Bucharest, May 19, 2011 - Alternative Sociale Association and UniCredit Foundation, together with UniCredit Ţiriac Bank, start the second stage of the "Migrations - Romania: A Better Life for the Elders!" project, scheduled to run until September 2012. The project will be funded with EUR 158.000 and will last 18 months.
The direct beneficiaries of this project will be 400 elders from Iaşi County, from the inactive population of the county, a social category for which there currently only a limited number of social services exists in Romania. Also, 60 social services specialists from Iasi, Vaslui, and Botosani counties will take part in training sessions, so that they could afterwards offer specialized help.
"EUROSTAT forecasts show that the number of elders in Europe is set to double in the next 50 years. That is why we believe that supporting this vulnerable social category is a critical need of the community where we live, a need we could not overlook", says Anca Nuta, Director of Communication and Identity Department of UniCredit Tiriac Bank.
"During the preceding stage of the Migrations project we have noticed that elders are an under-privileged social category affected by migration, even if no members of their family have left to work abroad. The active population of Romania is simply less and less numerous, so that it cannot provide for their needs", adds Catalin Luca, Executive Director of Alternative Sociale Association.
Among the direct beneficiaries of the project are the families of elders, the local communities where the assisted elders live, the local institutions of Iasi, Vaslui, and Botosani counties that provide social services, as well as central institutions of Romania, that are set to benefit from a working methodology created as part of the project.
As part of the program, working partnerships with the Social Assistance and Child Protection Department of Iasi County, Community Assistance Department Iasi and Iasi Police Inspectorate will be included.
The project, started in the spring of this year, furthers the efforts of the involved partners - Alternative Sociale Association, UniCredit Foundation and UniCredit Tiriac Bank - to fight the negative effects of migration on the lives of the relatives of those who have left abroad to work. During the first stage of the program, 1,240 persons from Iasi County (657 children and 583 elders left home by those who left the country to work) have benefited from psychological assistance, legal counselling, and financial support. The program ran for 26 months and was financed with EUR 480,000.
The awareness campaign "You Have the Right to European Allowances! It’s Your Child Right!" was a special chapter within the project, intended to support the children of Romanians who work legally abroad.
All these initiatives are part of the "Migrations" Program initiated by UniCredit Foundation to raise awareness with respect to migration, acknowledging it as one of the most pressing contemporary issues.
Giuliana Porta, Secretary General of UniCredit Foundation, says that all 22 countries where UniCredit Group is present are affected, in various degrees, by migration. "The problems associated to migration flow exhibit specific characters in each country, which is why UniCredit Foundation supports projects that target and solve specific issues", explains her.
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On The Alternative Sociale Association
The Alternative Sociale Association was founded in 1997 by a group of students at the Social Assistance Faculty within the Al. I. Cuza University in Iaşi. Its mission is to act for the protection and promotion of human rights, through prevention, assistance, training, research and advocacy activities. Its main activities include providing psychological and social services for children, elderly people and minors who have been victimised, supporting the justice reform, preventing and fighting human trafficking, preventing the abuse, neglect, exploitation and institutionalisation of children. The association also deals with surveys, research, methodologies and resource publications related to these fields for specific specialities.
About The UniCredit Foundation
UniCredit Foundation is a corporate foundation established in 2003 to contribute to the development of solidarity and philanthropy in the communities and territories in which it operates, primarily in the geographic areas in which UniCredit is present (in 22 countries throughout Europe and Central Asia). By transferring financial resources and management skills commonly used in the corporate sphere, UniCredit Foundation is supporting major projects in order to foster positive social impact and innovation, which are carried out by local non-profit organisations.
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of the UniCredit Group network, the largest banking group in Central and Eastern Europe. UniCredit Tiriac Bank is a genuine "one-stop-shop" of financial services, with around 600,000 customers and 242 branches. The bank provides a wide range of specialised products and services in Romania, through its partners, UniCredit Leasing Corporation, UniCredit CAIB Securities, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Finance and UniCredit Processes and Administration.
UNICREDIT TIRIAC BANK REGISTERED, IN THE FIRST QUARTER OF 2011, A NET PROFIT OF 52 MILLION LEI ACCORDING TO RAS
13.05.2011
May 13, 2011 - UniCredit Tiriac Bank earned a net profit of 52 million lei according to local accounting standards (RAS) and 34 million lei according to international financial reporting standards (IFRS) in the first quarter of 2011, decreasing by 14%, respectively 47%, over the same period last year.
The revenues recorded by the bank rose to 282 million lei (67 million eur) in the same period, by 8.8% below the first three months of 2010. The net income from other sources than interests (such as commissions and market operations) increased by 19%, and net interest income fell by 18%, being affected by the low volume of economic activity, the appreciation of national currency and the impact of legislative changes.
Operating expenses increased by 4% within the January-March period of this year towards the first quarter of 2010, influenced by the acceleration of inflation and statutory adjustments due to market regulations. The ratio between costs and revenues stood at 51%.
The solvency ratio stood at 12.8% according to RAS, comfortably above the regulatory level. The annualized cost of risk has moderated to 2.1% of portfolio value (balance sheet and off balance sheet). The share of reserves in total loan portfolio increased to 6%, from 4.1% a year ago.
"Even though we continued to grow above the market average on lending segment and on other priority areas of activity for us, the extend of recession, the deterioration of bank asset quality, as well as the margins shrink have continued to put pressure on bank earnings. On the other hand,we see encouraging signs in the risk costs decrease, in the evolution of macroeconomic indicators and in the unfreezing credit. Yet, the pace of recovery will be slow this year", said Rasvan Radu, CEO UniCredit Tiriac Bank.
The volume of bank assets stood at 19 billion lei (4.7 billion eur) at the end of March 2011. The balance sheet value of loans rose by 5% from March 31, 2010, up to 13.3 billion lei (3.2 billion eur), the growth rate being above the average banking system. Customer deposits reached 8.6 billion lei (2.1 billion eur).
The total consolidated assets of UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing were placed at 22.1 billion lei (5.4 billion eur) at the end of March 2011. The consolidated net profit of the three entities was 30 million lei during the first three months of the year, and the capital stood at 2.4 billion lei (585 million eur).
PIONEER FUNDS - EMERGING MARKETS CORPORATE BOND 2016
03.05.2011
Pioneer Investments is launching a new fund, focused on investing in corporate bonds in emerging markets.
Bucharest, May 3, 2011 - For conservative investors, which save in euro and want to benefit from attractive returns generated by corporate bonds in emerging markets and from a scenario with positive development, Pioneer Investments launches a new investment fund from Pioneer Funds range.
The fund has a maturity date fixed on December 30th 2016 and pays a target dividend of 4.5% * in EUR each year until maturity. The investment product is recommended to investors with a conservative profile, which appreciate an annual income flow secured by the distribution of dividends and which pursue a less volatile investment. Investors have a very good liquidity of their investment, being able to choose at any time to redeem all or part, the fund unit price publication and redemption payments taking place every two weeks.
Fund's portfolio will be invested at a rate of 25% in corporate bonds in emerging markets from Investment Grade class and 75% in corporate bonds in emerging markets from Non Investment Grade class. The portfolio is built in such a way that seeks to maximize the yield to maturity, and Buy & Hold strategy allows the investment manager to set as target achieving constant portfolio return over the life period set. Most bond portfolio will be selected so that the final maturity will be close to the maturity date of the investment fund. The Fund is denominated in Euros, other currency exposure will be covered by specific techniques of currency exchange risk management.
The subscription period in Pioneer Funds - Emerging Markets Corporate Bond 2016 is April 25th - June 3rd, 2011, subscription will be done only in Romania by UniCredit Tiriac Bank.
"Emerging economies have grown rapidly over the past 10 years. Their GDP growth was stronger than overall global economic growth: today more than 50% of global GDP is generated by developing countries and this trend is expected to continue due to structural factors such as population growth and urbanization", said Florin Dolea, CEO of Pioneer Asset Management.
"We are also confident in our approach to launching such an investment fund together with our traditional partner - UniCredit Tiriac Bank. We believe that this launch in Romania is a natural consequence of a successful collaboration in recent years, materialized at the end of 2010 by an excess level of 20 million EUR assets under management in Romania", added Florin Dolea.
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About Pioneer Investments
Pioneer Investments Group is a global asset management company with assets under management from 1 January 2011 amounting to approximately USD 250 billion worldwide and a presence in 28 countries. Pioneer Investments is a leader in fund management in Central and Eastern Europe. Pioneer Investments is part of UniCredit Group, managing the third oldest investment fund in the world, since 1928
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of the UniCredit network, the largest banking group in Central and Eastern Europe and one of the largest in Europe. UniCredit Tiriac Bank is a true "one-stop-shop" for financial services, which benefit the 526,000 customers currently active through 235 branches. In Romania, the group offers a wide range of specialized products and services through partners as well: UniCredit Leasing Corporation, CA-IB Securities UniCredit Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
FINANCING SOLUTIONS FOR THE EUROPEAN FUNDS
29.04.2011
UniCredit Tiriac Bank and FONDURI-STRUCTURALE.RO conducted on Thursday, April 28, 2011 a conference "Can the bank do more in accessing European funds?".
Among the participants in the debate there were Dan Pascariu (Chairman of the Supervisory Board UniCredit Tiriac Bank), Catalin Vatafu (Counselor of the Prime Minister, Head of Coordination of Structural Instruments), Gabriel Friptu (General Manager of Management Authority for Regional Operational Program ), Marian Dobrila (Vice President of Consultants Association in Romania for Accessing European Funds - ACRAFE) Codrut Nicolau (Corporate Director UniCredit Tiriac Bank) and Marius Radu (Coordinator European Funds Department UniCredit Tiriac Bank).
Simplification of procedures for checking the documentation for certification of expenditures incurred in the projects financed from European funds is now one of the main concerns in this area. Thus, Catalin Vatafu announced that the Government has formed a working group that explores solutions to reduce the period of reimbursement of costs to beneficiaries and framing it within 90 days.
The role of banks in the absorption of EU funds was also discussed; the letter of comfort is an important point in streamlining the process.
"The letter of comfort is a solution for increasing the number of implemented projects, but the cooperation with the authorities is very important. It is essential that the applicant's guide in the final version to be released on time, at least two months before closing the submission of projects", said Marius Radu, Coordinator of the European Funds department in UniCredit Tiriac Bank.
"We wish on mid term to become the biggest financer on European funds projects that are given to private companies in Romania. Thus, UniCredit Tiriac Bank gives professional advice from the incipient stage, by offering efficient solutions of structuring the co-financing and by monitoring the implementation after the financing is obtained.", completed Marius Radu.
As of February 2011, presenting a letter of comfort to the submission of projects from structural instruments is mandatory for all private co-financing projects whose eligible costs are at least 100.000 euros.
According to data presented by the authorities, payments for projects from EU funds is 11.64% of the total sums allocated by the European Union in 2007-2013, respectively 2.35 billion euros, while the absorption estimated at the end of the year is 25%.
Among the conditions that will contribute to a more accelerated growth of this rate in 2011 were mentioned:
- Legislative changes that allow bringing in as guarantee for bank financing the assets bought with European money in the project (except for the Operational Program for Fishing)
- Mandatory submission of the letter of comfort when submitting the project.
Another important factor discussed during the event was the importance of forming a partnership consultant - bank - beneficiary since the submission phase of the project as a solution to increase the absorption rate in both the current programming period and for the financial period 2014-2020.
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of the UniCredit network, the largest banking group in Central and Eastern Europe and one of the largest in Europe. UniCredit Tiriac Bank is a true "one-stop-shop" for financial services, which benefit the 526,000 customers currently active through 235 branches. In Romania, the group offers a wide range of specialized products and services through partners as well: UniCredit Leasing Corporation, CA-IB Securities UniCredit Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
UNICREDIT LAUNCHES CIB INTERNATIONAL PROGRAM FOR GRADUATES WITH ECONOMIC STUDIES BACKGROUND
28.04.2011
Bucharest, 28th April - UniCredit launches CIB International Graduate Program, offering graduates with economic studies background from countries where the Group is present, the opportunity to work in New York, London, Munich, Milan, Vienna and Warsaw, in areas such as: Relationship Management, Global Transaction Banking, Corporate Finance, Fixed Income, Equities, Research.
With a complex service pattern, structured on customer segments ranging from SMB to multinationals, Corporate Investment Banking segment meets its clients with customized solutions and a rapid assessment of individual needs of companies.
"One of our priorities is to support students and graduates with economic studies background through scholarships, internships and experiences in our bank, both locally and at the Group level. In this case, as top European bank we want to offer to as many Romanian graduates as possible the opportunity to start their career in a dynamic and multicultural environment, to become excellent professionals in the field" said Alina Dragan, Vice-President Human Resources UniCredit Tiriac Bank.
CIB International Graduate Program is aimed at young people who are just getting started, who fully master English language, have knowledge about the banking environment and want to develop practical skills already acquired during their previous studies.
UNICREDIT TIRIAC BANK CONCLUDED A CONVENTION FOR BILLS PAYMENT WITH CEZ SALE
06.04.2011
Bills for electricity consumption issued by CEZ Sale can also be paid, starting with the 1st of April, through UniCredit Tiriac Bank, without any fee for its clients.
The Bank offers the consumers a large variety of payment options:
By cash:
- At any cash desk of the Bank, upon production of the invoice;
- At the Non-Stop Banking Multifunctional Facilities of the Bank, by scanning the bar code on the invoice.
By credit card:
- At the ATM network of the Bank, by cards issued by UniCredit Tiriac Bank, but also by cards issued by other banks, upon mentioning the client code and the number of the invoice.
By bank transfer:
- For a bank transfer, the clients of UniCredit Tiriac Bank, as users of Online B@nking/ BusinessNet, are provided with the CEZ Sale customized payment pattern, that contains a series of pre-filled in details and dedicated fields in order to facilitate the data entry by the payer.
- By payment order, regardless of how the payment is to be executed (at the cash desk, other electronic channels), with the obligation to mention the client code in the payment details box.
"Our partnership with CEZ Sale completes the list of big suppliers of services and utilities our Bank concluded conventions with, for collecting the invoices and it allows our clients to save time, by using modern, accessible and safe means of payment, like the bank transfer, the credit card or the multifunction devices made available by the Bank", explained Liudmila Drozdea, Global Transactional Banking Director for UniCredit Tiriac Bank.
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of UniCredit Group network, the largest bank group from Central and Eastern Europe and one of the largest in Europe. UniCredit Tiriac Bank is a true "one-stop-shop" of financial services, from which at present 517.000 active clients benefit by means of 235 branches. In Romania, the group offers a large range of specialized products and services through its partners: UniCredit Leasing Corporation, UniCredit CA-IB Securities Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
On CEZ Group
CEZ Group is one of the most powerful producers, suppliers and distributors of electricity in Europe, not only from the point of view of operational capacities but also considering the number of clients. CEZ Group has been present on the Romanian market ever since 2005, once the Group took over Electrica Oltenia SA distributing company. CEZ Group businesses in Romania are represented by the 5 companies – CEZ Distribution, CEZ Romania, CEZ Sale, CEZ Services and CEZ Trade.
CEZ Group invests EUR 1.1 billion in creating the biggest Aeolian park on land in Europe, with an installed power of 600 MW. The construction of the park, located in the northern part of Constanta, is to be done in two stages – the first one, at Fantanele, includes 139 wind turbines with 347.5 MW power and it was fully operational at the end of 2010. The second stage, in Cogealac area, will produce 252.5 MW and it will have 101 wind turbines, and it is programmed to become operational at the end of 2011. Upon completion of both stages of the project, CEZ will be able to supply 10% of the total amount of renewable electric power produced in Romania, including the big hydropower stations. In 2011, CEZ Group in Romania purchased the hydropower system in Caras-Severin, that includes 4 micro-hydropower stations and four barrier lakes, with a total installed power of approximately 18 MW and a production of about 70GWh/year.
ERGO ACTIVE CAPITAL, A NEW PRODUCT LAUNCHED BY UNICREDIT TIRIAC BANK AND ERGO LIFE INSURANCE
05.04.2011
UniCredit Tiriac Bank launched a new product together with ERGO Life Insurance, ERGO Active Capital, a financial product that successfully combines the investment component with the protection offered by life insurance.
The product secures guarantee for 100% of the invested capital and a supplementary guaranteed performance of 42% upon maturity, by UniCredit S.p.a. Milan.
Payment method for Active Capital is the unique premium, its value ranging from minimum EUR 3,000. Subscription period is between the 1st of April 2011 and the 30th of June 2011 (including), with the possibility of modification in case the subscription ceiling is to be reached. Insurance shall begin on the 1st of the month following the date of acquisition, and maturity date is on the 1st of July 2021.
The new product Active Capital ERGO could offer to those who choose it the well deserved peace of mind for the entire duration of the contract. Thus, in case of demise of the insured person, the designated beneficiaries will collect at least 110% of the invested amount or the value of the investment account, if the latter were of a higher value.
The age of the Insured Person may range from 16 to 60 years old upon entering the insurance, investments are to be made by senior bonds issued by UniCredit Spa Milan and are traded on Luxembourg Stock Exchange, Active Capital ERGO represents a solid alternative to the interests offered to the clients by the comparable saving products, with fixed interest.
The advantages of the product:
· Guarantee of 142% of the invested capital, offered by UniCredit SPA Milan, upon maturity.
· Professional management of the assets by UniCredit SPA Milan.
· Possibility of selling before maturity, for the current market value.
· For protection of the loved ones, a life insurance of 110% of the unique premium in case of demise, regardless of the cause of death.
· For life insurance, ERGO Life Insurance SA does not ask for a medical check-up (for amounts below EUR 750,000, persons who claimed to be clinically healthy).
· Compensations and sums obtained through life insurance are not subject to taxation, in compliance with the current legislation.
· A minimum investment of EUR 3,000, Unique Premium.
· Minimum age of the Insured Person is between 16 and 60 years old, upon beginning of the contract.
· Maximum age of the Insured Person upon maturity of the contract is 70 years old.
· The Insured Person may differ from the investing person.
· The beneficiaries of the insured amount may be changed throughout the contract.
· The insured amount may be divided between several beneficiaries.
· The trust conveyed through the cooperation of two top financial European Groups – UniCredit and ERGO.
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of UniCredit Group network, the largest bank group from Central and Eastern Europe and one of the largest in Europe. UniCredit Tiriac Bank is a true "one-stop-shop" of financial services, from which at present 517.000 active clients benefit by means of 235 branches. In Romania, the group offers a large range of specialized products and services through its partners: UniCredit Leasing Corporation, UniCredit CA-IB Securities Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
About ERGO Life Insurance
ERGO Life Insurance SA is a local subsidiary of the ERGO German Insurance Group. With a volume of gross written premiums of over EUR 19 billion, ERGO is one of the most important European Insurance Groups. Worldwide, ERGO is active in more than 30 countries in Europe and Asia. ERGO is a member of Munich RE Group, world known reinsurance company, with a participation in ERGO’s capital of 99.69%.
GIANFRANCO BISAGNI IS PROMOTED TO HEAD OF CORPORATE & INVESTMENT BANKING IN CEE
30.03.2011
Marco Esposito is appointed as Head of Corporate Department, UniCredit Tiriac Bank.
Marco Esposito (51 years old) will be in charge of the Corporate Department of UniCredit Tiriac Bank, as Gianfranco Bisagni (52 years old) was promoted to Head of Corporate & Investment Banking (CIB) of UniCredit for Central and East Europe (CEE).
The position G. Bisogni will be in charge with as of the 1st of April 2011 was previously held by Gianni Franco Papa, who is currently supervising all UniCredit operations in the CEE.
As Head of CIB in CEE, G. Bisagni will coordinate and develop the activities of Corporate segments in the Group’s subsidiaries for Central and East Europe.
G. Bisagni’s career in UniCredit began in 1977. Ever since, he held several positions, among which Chief Manager UniCredit Hong Kong Branch & Head of Corporate Banking Asia Pacific and top management positons in UniCredit New York Branch and UniCredit Chicago Representative Office.
Before being appointed a position in UniCredit Tiriac Bank, Marco Esposito lead, since January 2010 until now, the Corporate Department of UniCredit Bulbank (UniCredit subsidiary in Bulgaria).
On UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of the UniCredit Group network, the largest banking group in Central and East Europe, and one of the largest in Europe.
UniCredit Tiriac Bank is truly a „one-stop-shop“ for banking services and 517,000 active clients are now the beneficiaries of these services, offered through 235 branches. In Romania, the Group offers a large variety of specialized products and services thanks to its partners: UniCredit Leasing Corporation, UniCredit CA-IB Securities Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
On UniCredit
UniCredit is a top European bank, with strong roots in 22 European countries and with an international presence on 50 markets, with 9,538 branches and over 161,000 employees. In Central and East Europe, UniCredit operates through the largest international banking network, with almost 4,000 branches and units.
The Group is active in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, the Republic of Croatia, The Czech Republic, Estonia, Germany, the Republic of Hungary, Latvia, Lithuania, the Republic of Kazakhstan, Kirgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
UNICREDIT WILL ATTEND EARTH HOUR, A GLOBAL WWF EVENT AGAINST CLIMATE CHANGE
25.03.2011
In accordance with its commitment to the field of sustainable development, UniCredit will participate, on March 26th, in the global mobilization event of the association by switching off the light in some of its buildings for an hour
UniCredit will attend again this year "Earth Hour", a global event of the WWF which will be held on March 26th with the objective of generating awareness amongst individuals, institutions and companies on the problem of climate change.
Forty seven UniCredit representative buildings in Europe will switch off their lights for 60 minutes, starting at 8.30 pm local time, in order to symbolically bear witness to the commitment of the Group in combating climate change and to highlight the importance of reducing greenhouse gasses emissions. UniCredit also promoted the Earth Hour message through its internal communication channels by calling over 161,000 employees to participate in the event.
This is one of the initiatives promoted in recent years in the environmental field, with activities ranging from measures for energy efficiency, the utilization of renewable energy sources within headquarters and branch offices, and the inventorying of Group emissions. In accordance with this policy, UniCredit has selected the WWF in order to generate "symbolic visibility" of its awareness of the responsibility which financial groups have with respect to major environmental themes and sustainable development.
"UniCredit is increasingly convinced of the strategic importance of combining economic growth with the rational use of natural resources", declared Paolo Fiorentino, UniCredit Chief Operating Officer. "Our relationship with WWF has been ongoing for more than two years and during this period we have worked to integrate sustainability within our business. We have jointly worked to create the first inventory of our Group’s greenhouse gas emissions, with the objective of reducing them by 15% in 2012 and 30% in 2020".
Earth Hour, a global mobilization event against climate change organized by the WWF on Saturday March 26th, will cover 24 time zones (8.30 pm in Italy) with the lights of cities, symbolic monuments, institutions, companies, and houses across the world turned off. The objective for this year is to go "beyond the hour", committing citizens across the world to adopt responsible energy behaviors during day to day life in order to protect the planet against climate change.
UNICREDIT LITERARY DEBUT CONTEST ANNOUNCES THE SIGN UP FOR THE FOURTH EDITION
23.03.2011
Bucharest, March 23, 2011 - Catalist Association and UniCredit Tiriac Bank open today the sign up process for the fourth edition of UniCredit Literary Debut Contest. The contest is open to Romanian authors who have not published their work in a volume by now, and gives them the chance to see their literary creations on the bookstore shelves.
This year's sign up period will end on April 24 and the award ceremony, which will take place on June 23, will nominate the winners of the three competition categories: novel, short stories and poetry.
Same as previous years, the works signed up for the contest will be judged by literary and academic personalities. This year's jury will be comprised of: Liviu Papadima (Lecturer, Doctor of Philology, Dean of the Faculty of Letters, University of Bucharest), Paul Cernat (Literary Critic, Journalist, Lecturer at the Faculty of Letters, Bucharest) and Radu Paraschivescu (Novelist, Translator, Journalist and Editor).
The winning volumes will be published and promoted by Humanitas Publishing House at Gaudeamus International Fair - Educational books, 18th edition, which will take place in November 2011.
"For three years we have read the valuable works that got out thanks to UniCredit Literary Debut Contest", said Anca Nuta, Head of Identity & Communication UniCredit Tiriac Bank. "By supporting this cultural initiative, as a top European bank, we wish to offer young deserving writers a starting point in their literary career. The Literary Debut Contest is a national event that takes place with the support of UniCredit Tiriac Bank, and it is one of the many international art and culture projects undertaken with the support of UniCredit Group."
"We are very happy that we have managed to continue this project. I have said it before, it’s a team project in which each of us is trying to offer perspectives for young and less young talents", said Cristina GUSETH, Catalist Association’s manager.
UniCredit Literary Debut Contest will consist of two literary debates held at the Faculty of Letters, University of Bucharest, on March 31st, and at UNICREDIT PAVILION on the April 14th. These debates will gather famous names from the Romanian literary field and also encourage free interaction between literature fans.
UniCredit Tiriac Bank recorded a net profit of RON 171 millions in 2010
14.03.2011
- The operational profit was increased by approximately 17% in 2010 as compared to the previous year, up to RON 779 millions and the operational revenues advanced by 8%, up to RON 1.363 billion.
- The net profit for the previous year was RON 171 millions, an approximately 48% decrease as compared to 2009, amid higher provisions. The level of profitability is still a good one, given the context of the market.
- The volume of total assets increased by 2%, up to RON 20.8 billion. The loan portfolio increased by 13%, as compared to 2009.
- The risk cost associated with loans increased to an average of 2.94 percentage points.
- The Bank had very good results in the process of increasing the satisfaction of its clients.
UniCredit Tiriac Bank recorded a net profit of RON 171.2 millions (EUR 41 millions) in 2010, according to the International Financial Reporting Standards (IFRS), a 47.9% decrease as compared to 2009, amid higher risk costs. The net profit, according to the Local Accounting Standards (RAS), was of RON 57.2 million the previous year (EUR 13.6 million). The annual return of own equity (ROE) was placed at 7.5% and return of assets (ROA) at 0.8%.
The Bank recorded an increase of 16.6% for the operational profit, up to RON 779 million (EUR 185 million), fed by a 8% increase of the operational revenues, given that the operational costs advanced only by 0.4%. The ratio between Costs and Revenues continued to grow, up to 42.5%, as compared to the 46.1% level in 2009 and an estimated 53% level for the banking system. The solvency ratio was placed at 12.5% according to RAS, a comfortable place above the regulatory level.
The net provisions for financial assets (mostly loans of the clients) increased by 61.8% as compared to the level in 2009.
“Last year was a very difficult one, marked as it had been by legislation changes that put pressure on the banking market in Romania and due to the prolonged crisis – determined by the corrective measures in the public sector and by the increase of the non-payment level. We focussed on identifying the solvent credit applications and on the adjustment to the new legislation, at the same time offering our clients who faced difficulties solutions for loan reorganisation. We tried also to offer concrete answers and real benefits to everyday challenges and opportunities encountered by our clients. Thus, we continued our development, and our investments in 2010 exceeded Ron 86 million”, stated Rasvan Radu, CEO UniCredit Tiriac Bank.
The volume of assets reached RON 20.8 billion (EUR 4.85 billion) at the end of 2010, a 2% increase as compared to the level reached at the end of December 2009. The volume of loans in balance was increased by 12.8% during the previous year, as compared to the level observed at the end of 2009, up to RON 13.5 billion (EUR 3.15 billion), the increase ratio being above the average in the banking system. If we include the outsourced credits, the credit portfolio placed itself at RON 16.4 billion. The clients deposits reached RON 11 billion (EUR 2.57 billion) on the 31st of December 2010, a 4% increase as compared to the level reached at the end of 2009. The ratio between credits and deposits at the and of the previous year was 123%.
Total consolidated assets of UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing placed at EON 23.8 billion (EUR 5.55 billion) at the end of 2010, a 1.7% increase as compared to the level registered on the 31st of December 209, and the net consolidated profit of the three entities was of RON 145 million (EUR 34.4 million). The registered capital of the Bank advanced by 8.7%, up to RON 2.4 billion.
Management of risks inherent to loans represented one of the main concerns during the previous year, given the fact that UniCredit Tiriac Bank focused on supporting the clients during recession on one hand, and on managing the quality of assets, on the other hand. The ratio of over 90 days delays in payments of the loans reached 10.8% in 2010, above the level registered the previous year. The updated cost risk was placed at 294 basis points. Coverage by provisions of the loans portfolio increased to 6.8%. The volume of reorganized credits represented 19% of the portfolio at the end of the previous year.
Nevertheless, the quality of the Bank’s assets is better than the average for the banking system.
The Bank operated a series of optimizations, without resizing the territorial network, ending the year with 235 branches and 3,007 employees.
Prospects
"Estimations for 2011 take into consideration a slow economical recovery, fed by external demand and a certain revival of the industry. The credit applications will be limited, and the risk cost will probably reach the peak during the current year. The decreasing tendency of the degree of debt will continue the following period, especially in the retail sector. We shall remain flexible when analyzing the short, medium and long term opportunities, we keep our development strategy and, as a top European bank, we would like to use as much as possible our abilities as suppliers of financial services", Rasvan Radu added.
UniCredit Tiriac Bank cooperates in 2011 with 23 Communication Ideas, Roglaski Grigoriu and Republika
10.03.2011
UniCredit Tiriac Bank appointed 23 Communication Ideas, Rogalski Grigoriu and Republika Interactive to develop the advertising campaigns through-the-line and Public Relations programs. The three agencies won the bids organized by the Communication Department of the Bank at the beginning of this year.
23 Communication Ideas will develop the creative strategy for UniCredit Tiriac Bank and will manage the execution of promotion campaigns for the Retail and Corporate products, as well as the image campaigns.
Rogalski Grigoriu Agency will cooperate with UniCredit Tiriac Bank in order to design and execute the PR strategy for 2011, meant to support the positioning of the Bank on the Romanian market. Rogalski Grigoriu team will also manage the tactical application of the internal communication programs of the Bank.
Republika Interactive will manage the image of UniCredit Tiriac Bank within the online environment, being responsible for the establishment and execution of the strategy and creative concepts in communication with the Romanian users.
"We have chosen three powerful agencies that proved to have a good understanding of our communication goals, the strategic and creative conceptualization a leading company needs. As a top European bank, we dedicate our efforts to bringing an extra value to our clients, by offering concrete answers and real benefits to the opportunities and challenges they face in their everyday life. Together with our partners we would like to put into practice a correct and appealing information strategy that would match our professional profile", stated Anca Nuta, Identity & Communication Manager of UniCredit Tiriac Bank.
Bogdan Naumovici, Art Director at 23 Communication Ideas, stated: "UniCredit Tiriac Bank is part of a powerful Group, activating in 22 countries, and it is about to conclude its positioning, the communication strategy or association with UEFA Champions League. Romania is one of the countries that have leadership in this process, for some of the components. It is a real challenge, something any communicator would enjoy. Last but not least, UniCredit Tiriac Bank Team is highly motivated and inspiring, a team I worked with in 2010 on the projects concerning UEFA Champions League."
"As early as reading the bidding brief, I understood that we had to get ready for an ambitious and powerful brand, whose objectives would challenge us, as far as strategy, creation and execution were concerned. We are highly motivated by the diversity of the actions and by all the professional opportunities brought to us by this new mandate", stated Alina Damaschin, CEO Rogalski Grigoriu.
"From the very beginning we appreciated the openness and understanding the Communication Team of UniCredit Tiriac Bank showed towards the online environment. That is exactly why we highly value this partnership, even more so since we are certain that together we shall develop innovative projects this year, on the online communication level, for Retail products and for Corporate Communication", said Justin Kadima, General Manager Republika Interactive.
On 23 Communication Ideas
23 is the shop for ideas of the Group Leo Burnett, under the leadership of Bogdan Naumovici and that finds unconventional communication solutions for solving business problems.
On Rogalski Grigoriu
Rogalski Grigoriu Public Relations is one of the most awarded and well known PR agencies in Romania, part of the Tempo Crative Group. Its success is based on the management process of brand reputation by means of ideas that influence the choices and beliefs of the public. Rogalski Grigoriu is the sole Romanian agency that won 4 IPRA (International Public Relations Assosiation) trophies for digital PR, creativty and eficiency in designing PR campaigns and 3 SABRE Golden Awards for excelency in management of crisis communication, public education and financial services.
On Republika Interactive
Republika Interactive, one of the main suppliers for promoting services online, is an interactive agency specialized on the development of social media applications and campaigns. Republika offers services for social media marketing, direct response marketing and brand reputation management, together with construction of optimized sites for browsers, development of pay-per-click campaigns and of campaigns for online commercial activism, but also for the development of social platforms, blogs, CMSs and interactive applications.
UniCredit Tiriac Bank - letter of comfort can make a difference in accessing european funds
21.02.2011
UniCredit Tiriac Bank urges the potential beneficiaries of EU funds to come to the bank’s branches before the feasibility study and the funding application to be completed.
We are taking into account the fact that, since February 2011, the presentation of the letter of comfort when submitting the projects is mandatory for all the projects whose private co-financing of the eligible costs represents at least 100,000 euros.
"We urge potential beneficiaries of European funds to come to the UniCredit Tiriac Bank branches before the study of feasibility and the funding application to be completed. Thus, the active partnership created from the beginning between the beneficiary, a consulting firm and the bank will generate both proposals submitted in a timely manner, eligible, and bankable - the key to success for a higher degree of absorption of EU funds in Romania", explained Marius Radu, European Funds Coordinator, UniCredit Tiriac Bank.
The bank will issue the letter of comfort from the specific analysis and the approval of facilities dedicated to projects with European financing (bridge loan, letter of banking guarantee, credit of investment etc.). The model of the comfort letter is unique for all operational programs financed by the structural instruments (POSCCE - The Regional Operational Programme Increase of Economic Competitiveness, ROP - Regional Operational Program, SOP HRD - Human Resources Development Operational Programme etc.) and the value of facilities approved under which the letter of comfort will be issued will cover at least the private co-financing of eligible expenditures and ineligible project costs.
In terms of potential beneficiaries of the National Program for Rural Development there is already a model of the comfort letter; the minimum value affirmed covering the private co-financing of eligible expenses.
UniCredit Tiriac Bank granted in 2009 and 2010, banking facilities of over 360 million lei for about 150 projects with irredeemable funds. The bank provides financing and guarantee solutions extremely flexible, which may include fixed assets financed by the project, transfer of debt, any liens and mortgages or guarantee solutions offered by the national guarantee funds (FNGCIMM, FGCR) and Exim Bank.
Online B@nking from UniCredit Tiriac Bank numbers more than 100,000 users
16.02.2011
· In 2010, UniCredit Tiriac Bank exceeded the limit of 100,000 users for the Online B@nking Service, meaning a 33% increase, as compared to last year’s figures.
· The utility of this service is also proved by the great number of active users, almost 60%.
· Online B@nking Service of UniCredit Tiriac Bank is one of the few banking services in Romania that allows our clients to form or to extend their time deposits or to activate other services, like Info SMS, without actually coming to the bank.
· Payment of utility bills is free of charge if operated through Online B@nking, as UniCredit Tiriac Bank concluded several agreements with the contractors.
"Online B@nking is one of the most dynamic services provided by our bank, because it is very important for us to take into account the technological novelties, in order to offer the best possible solutions to our clients. In 2011 our goal is to increase by 40% the number of Online B@nking users and to enrich the offer of banking products that can be acquired directly, simply using this application, with no further need to come to one of our branch bank", stated Bogdan Spuza, Marketing & Segments Director in the Retail Division of UniCredit Tiriac Bank.
The number of Online B@nking users reached almost 106,000 at the end of last year, out of which over 99,000 are Retail clients (individuals and IMM), all others being large companies. As for our Corporate clients, the extent this service is used (the number of Corporate clients who use Online B@nking as compared to the total number of Corporate clients) reaches 85%, for our IMM clients the ratio is 70% and for individuals, as clients, it is over 15%.
ADVANTAGES.
MONEY SAVING - The operations carried through Online B@nking are all free of charge for transactions between accounts open at UniCredit Tiriac or they cost 50% less as compared to those conducted at a bank teller, when the transactions are made to accounts open at other banks.
Also, the DIGIPASS device is free of charge for our IMM clients, Corporate clients or individuals, in the Personal Bank category.
TIME SAVING - The service is active non-stop. Besides, the clients are offered technical professional assistance by phone, e-mail or online messages, Monday to Friday between 9 AM to 7 PM.
MOBILITY - Our clients can access Online B@nking from any place, as long as they have an available Internet connection, either via a computer or a mobile phone.
PROGRAM LIMITS for processing are extended, as compared to those at the teller bank - the clients have more time to operate the transactions.
NON-STOP INFORMATION - The client can verify anytime his expenses and from where those expenses were made, all he has to do is access the option “History” in the “Accounts Information” Menu.
"Online B@nking is our clients’ ally in fighting time. Thus, by means of a computer or of a mobile phone with access to internet, our clients can also access their money anytime, perfectly safe and with fair costs. This way, the transactions might be even 100% free of charge, if the operations are conducted between UniCredit Tiriac accounts and 50% less as compared to the teller bank transactions, if conducted towards other banks", states Doina Costache, Head of Multi Channel Management in the Retail Division of UniCredit Tiriac Bank.
The OPERATIONS that can be conducted by means of Online B@nking 24 hours a day, 7 days a week, are the following:
· Payments in lei to suppliers of services (electricity bills, gas bills, telephone bills, leasing installments, TV cable bills, etc);
· Payments in foreign currency and currency exchange;
· Checking of the balance and of the transactions to and from the accounts;
· Checking of the card reserved transactions;
· Checking the statement of account for those who possess a credit card;
· Internal transfers between the accounts of the same client;
· Payments in RON and foreign currency at a specific date;
· Forming and annulment of deposits;
· Checking the rate of interest and the exchange rates at UniCredit Tiriac;
· Interactive communication with the bank due to the access to online messages;
· Payments in lei and in foreign currency, intra- and inter- banks, including the Treasury;
· Authorizing Direct Debit right through Internet banking;
· Filling in the forms from the teller bank and sending them on/from Internet banking, thus avoiding going to the bank;
· Personalizing the Menu by introducing “Favorites”, thus saving time;
· Activating Info SMS from inside the application (in order to receive SMS on the mobile phone, concerning the activity on the accounts).
Operating the transfers is easier due to:
- The possibility of saving information concerning the beneficiaries and the payments patterns, for the transfers in lei as well as the transfers in foreign currency;
- The existence of predefined patterns the bank possesses for payments in the accounts of utility suppliers;
- The possibility of creating payment orders for a specific date.
DIGIPASS is an electronic device that generates a unique access code, called security code, which is used for identification on Online B@nking as well as for signing the operations the client makes.
Press conference for the start of the preparations for George Enescu International Festival and Contest - 2011 edition
26.01.2011
On Wednesday, January 26th 2011, at 2.00 PM, in the Aula of the 'George Enescu' National museum took place the Press Conference organized for the start of the campaign for the national media coverage of 'George Enescu' International Festival and Contest - 2011 edition,
The conference was attended by:
- Mr. Kelemen Hunor - Minister of Culture and National Patrimony
- Mr. Ioan Holender - Festival Manager
- Prof. Dr. Sorin Oprescu - General Mayor of the Bucharest Municipality
- Mr. Alexandru Lazescu - President - General Manager of the Romanian Television Company
- Mr. Demeter Andras - President - General Manager of the Romanian Radio Broadcasting Company
- Mr. Horia Roman Patapievici - President of the Romanian Cultural Institute
- representatives of the partners and sponsors of the Festival.
The conference was hosted by Mrs. Camelia Spataru - PR & Communication, 'George Enescu' International Festival and Contest
The press conference presented information on:
- agenda of the 'George Enescu' International Festival and Contest - 2011 edition;
- advertising materials of the 'George Enescu' International Festival and Contest - 2011 edition;
- artists and groups taking part in the edition 2011 of 'George Enescu' International Festival and Contest;
- development status of the preparations for the organization of the 'George Enescu' International Festival and Contest, edition 2011;
- sponsors and partners;
- artistic events in the territory.
The 'George Enescu' international contest shall take place in the interval September 3-11, and tickets shall be sold starting March 15. This edition shall present over 280 works. 13 big European orchestras and 14 international chamber orchestras shall come to Bucharest. Some of the reference names are: The Philharmonic of Vienna, the Philharmonic of Israel with Zubin Mehta, the Symphonic Orchestra of Santa Cecilia with Antonio Pappano, the London Symphony Orchestra and the National French Orchestra come to Bucharest again.
'The Enescu Festival defines our identity', Dan Pascariu, president of the Supervisory Board of UniCredit Tiriac Bank stated. 'For over 15 years, the George Enescu Festival and Contest constantly brings Romania international recognition. UniCredit Tiriac Bank, as an institution that is part of a group with tradition in Maecenatism, has the honour to be again the main partner of the event which has become in time one of the most important classical music festival in the world. I believe that thanks to its artistic calibre and extraordinary effect of placing Romania on the map of international culture, the George Enescu Festival defines our identity and gets us a remarkable place not only in Europe, but all over the world.'
The festival in the foreign media
The prestigious British daily «The Telegraph» - speaking about the Bucharest Festival, headlined 'How music can restore a nation's pride. A Festival in Bucharest shows how classical music can leap over the barriers of language and history’
'The top cultural event of the year in Romania is the «George Enescu» Festival that shall be held in Bucharest. The manager of the internationally well-known event dedicated to classical music is no one else but Ioan Holender and this event takes place every two years, counting 20 editions so far', according to the article published in Gewinn magazine, in which the Festival is also included in a selection of the most prestigious tourism cultural destinations.
The 2011 edition
The jubilee edition - the 20th, shall take place in the interval September 1-25, 2011 and includes symphonic and chamber concerts, recitals, opera and ballet shows in the main halls of Bucharest and in certain towns linked to the life of the Romanian composer. Most concerts shall be broadcast and recorded by the Romanian Radio and Television Company - together with the Town Hall of the Bucharest Municipality and the Romanian Cultural Institute - co-producers of the Festival.
The 'George Enescu' International contest shall take place in the interval September 3 - 11.
This edition shall present over 280 works, among which:
- 24 Enescu opuses
- over 80 works of Romanian contemporary composers
- 10 opera and ballet shows
Participants:
- 13 big European orchestras
- 14 international chamber orchestras
- 19 chamber groups
- 6 choirs
- 41 concert soloists
- 6 recital soloists
Some of the groups that confirmed their participation in 2011 are the following: Wiener Philharmoniker / Franz Welser Möst, Israel Philharmonic Orchestra / Zubin Mehta, Yefim Bronfman, Vadim Repin, Staatskapelle Berlin / Daniel Barenboim, Orchestra dell’Accademia Santa Cecilia di Roma / Antonio Pappano, Orchestre National de France / Daniele Gatti, London Symphony Orchestra, Mariinsky Orchestra / Valery Gergiev, Liverpool Philharmonic Orchestra, Residentie Orkestr / Christian Badea, Hungarian National Philharmonic / Zoltan Kocsis, Boris Berezovski, Gulbenkian Symphony Orchestra/ Lawrence Foster, Saint Martin in the Fileds / Murray Perahia, Vladimir Fedoseev, Yundi, Isabelle Faust, Christian Zacharias, Surorile Labeque, Gidon Kremer, and Romanian artists and groups: Horia Andreescu, Dan Grigore, Cristian Mandeal, Dana Borsan, Luiza Borac, Viniciu Moroianu, the Voices Quartet, Alexandru Tomes, the 'George Enescu' Philharmonic, the Philharmonics of Cluj, Easy and Timeshare, the National Opera of Bucharest, 'Virtuosi din Bucuresti', the national Youth Orchestra and many others.
The agenda of the National Opera of Bucharest includes the productions 'Lohengin', 'Onegin' as well as a new production of the Opera 'Oedipe'. The concerts of the 'Enescu and his contemporary artists' series, including chamber works played by young soloists and internationally-famous ensembles, the concerts organized under the title 'Big international orchestras' and chamber recitals and concerts, as well as opera and ballet shows shall continue.
Another series dedicated to contemporary music - 'The Music of the 20th Century' - shall present works of Romanian and foreign contemporary composers. The works shall be presented by Romanian and foreign groups and soloists. The series is accompanied by the organization of a 'Work-Shop' of young composers, Master's Degree and Doctor's Degree students of musical Universities in the territory.
A new series is entitled 'World Music' related to one of the Enescu's essential contributions to universal music: the use of specific national elements and their symphonic remaking. In this sense, composers and ensembles shall take part in the festival bringing to the stage remakes of Indian, Japanese, Argentinean, Yiddish, Lebanese, Moroccan music etc.
Concerts shall be organized in Arad, Cluj, Craiova, Iasi, Sibiu, Targu Mures and Timisoara. Considering that George Enescu also wrote important works for cello, the international contest shall have a new section - the cello one - apart from the piano, violin and composition ones. The contest interval is September 3 - 11, 2011.
The musicology symposium organized by the Union of Composers and Musicologists of Romania with the 'George Enescu' National Museum, shall be organized in the interval September 8-11, 2011.
The agenda of the 2011 edition shall take place on the stage of 8 concert halls (Sala Mare a Palatului, the Romanian Atheneum, the National Opera of Bucharest, the 'I.L.Caragiale' National Theatre, the Aula of the National Art Museum, the ''Mihail Jora' Hall of the Romanian Radio Broadcasting Company, the Small Hall of the Romanian Athaeneum) and the Festival Square.
For the first time, in collaboration with the National Art Museum and the Art University of Bucharest, the Festival shall organize the plastic art exhibition 'E-Biennale' that shall reunite apart from already-famous artists young students of the National Art University of Bucharest in order to give the dimension of contemporary art of Romania.
The organizers of the 'George Enescu' International Festival and Contest, in collaboration with specialized institutions, are planning to make out of this cultural event, unanimously recognized and appreciated in Romania and abroad a cultural country brand representative for Romania. The special agenda conceived by 'Brandient', supported by major representatives of the Romanian mass-media shall attract the responsible and competent factors in this area that shall collaborate in the creation of a national and international image worth of the already-obtained prestige of this Romanian representative cultural event.
The agenda for the internal and international media coverage, creation and confirmation of the country brand shall be made in collaboration with the Festival Co-producers (the Romanian Radio Broadcasting Company, the Romanian Television Company, the Romanian Cultural Institute and the Town Hall of Bucharest Municipality), with representatives of major media trusts (Antena 3, Realitatea TV), and press trusts (Adevarul Holding, Romania Libera), foreign media partners (CNN, Euronews, Eurosport, Mezzo, Rfi, Deutsche Welle) and PR representatives of the Festival in Belgium, France, Germany, Italy and Great Britain.
Starting March 15 subscriptions and tickets for the concerts of the Festival shall start selling - electronically -.
Concerts of pupils and students of the musical school and universities as well as professional artists and groups shall be organized in the Festival Square.
Please consult the Festival Agenda at www.festivalenescu.ro.
CEE Banking Study 2010: the business model is being reshaped, but CEE banking remains an opportunity
20.01.2011
- In the post-crisis environment, the higher cost of liquidity and risk necessitate a reshaping of the banking model,toward diversified lending strategies and a focus on sustainable growth
- The "economic convergence" and the "financial penetration gap" stories still apply, remaining the drivers of upside potential for CEE banking
- Access to capital and funding, good positioning and risk appetite are decisive for success in CEE banking. UniCredit confirms its commitment to the region, which is the Group engine for growth
Although Central and Eastern Europe were hard hit by the crisis, banking in CEE remains an opportunity. This is one of the key findings of the latest CEE Banking Study, conducted by UniCredit´s CEE Strategic Analysis department. The "financial penetration gap" and the "economic convergence" stories remain intact on a medium- to long-term perspective, providing the basis for an upside for banking in CEE. However the banking business, which in the past was to a large extent externally financed, has to be reshaped. The focus is gradually shifting toward more long-term sustainable growth, while risk control and efficiency remain in the spotlight. Risks remain, including challenges arising from the regulatory side.
Economic convergence and financial penetration gap stories still apply
After expected average growth of 3.6 percent for the CEE region in 2010, UniCredit researchers forecast growth to accelerate to some 3.8 percent in 2011. At the same time the growth outlook will vary significantly, with Central Europe, Turkey and the CIS gradually back on track, while South Eastern Europe is still lagging behind and addressing some necessary restructuring issues.
"The crisis did not affect CEE’s long-term potential related to the ‘convergence story’", said Gianni Franco Papa, new Head of CEE Division at UniCredit, "The regional growth model, based on capital inflows, growing competitiveness and improving standards of living is intact. And the same is true for the gap in the penetration with banking services". For example, mortgage financing penetration relative to GDP is expected to have approached the level of 8 percent in 2010. This compares with a ratio of 40 percent in the Euro area and indicates that market potential still exists. The catch-up potential is also evident on the corporate side, with loans to the corporate sector at 26 percent of GDP in CEE as compared to 52 percent in the Eurozone and the financial services offer to corporate clients still much less deep and diversified than the one which is common in more mature markets.
Both the convergence and the financial penetration gap stories provide the base for the expected upside in banking business in CEE in the medium to long term. CEE banking will continue to grow faster than in more mature markets, however, potential growth will remain below pre-crisis levels, as all convergence drivers will be less influential than in the past.
"A rebalancing of the macroeconomic model implies a changing banking model", stated Debora Revoltella, Head of CEE Strategic Analysis at UniCredit Bank Austria, "Pre-crisis CEE banking was based on rapid lending growth, which was to a large extent externally financed". Leveraging on abundant international liquidity and low cost of country risk, local banks were able to support growth by financing domestic lending via international capital inflows in the context of low domestic saving rates. Both, retail and FX lending boomed. "Given the higher cost of funding and the increased cost of country risk today, there is a need for a stronger focus on domestic funding. Moreover lending strategies might become more diversified and more supportive for long-term economic growth in the future, meaning less consumer credit lending at least in the ongoing phase of recovery and more corporate lending, particularly toward the export-oriented – productive sectors" said Revoltella. Given these circumstances, corporate lending should become the engine for long-term competitiveness and growth in the region.
The short-term outlook is improving but risks remain
The economic crisis was reflected first in a liquidity crunch, followed by rapidly multiplying credit quality problems, accompanied by a credit crunch. In line with economic recovery, the second half of 2010 witnessed stabilisation in the dynamic of problematic assets, reinforcing signs that the peak in terms of non-performing loans might be reached between the end of 2010 and the beginning of 2011. "In terms of banking profitability 2010 proved to be equally as challenging as 2009, as some moderately lower provisioning requirements were offset by a lower revenues generation capacity", reckoned economist Debora Revoltella. "Full recovery from the demand side will be essential, before we may see an acceleration in lending activity and banking business in general." She expects strengthening in banks’ revenues generation capacity in 2011, all around the region, but notes that the pattern of recovery will remain moderate.
Challenges ahead
Hand in hand with changes in the competitive landscape in global banking, the tougher post-crisis banking environment in CEE may drive further changes. While the international investors who have been active in the region in the last decade reconfirm their strong commitment to CEE, the search for optimal positioning could result in M&A activities or asset swaps, while newcomers in specific markets and at the regional level are already indicating their interest.
"In this context, when distinguishing among the international players active in the region, the ability to leverage on a solid funding base and capital position, good access to international markets and favourable positioning, will increasingly become key success factors", said UniCredit manager Gianni Franco Papa. As UniCredit economists already stated last year, risk appetite is also crucial, making the difference between winners and losers. Papa regards UniCredit Group as well positioned to take advantage of the region’s further recovery. Availability of capital and funding (including the Group’s intention to allocate more capital to CEE), the widest network with strong positioning in the most dynamic markets in the region and good capacity to leverage on Group competences are the basis for future success.
Challenges ahead for the region’s banking industry include growing national and international regulatory pressures. In the short term concerns are related to the strong focus on regulating the FX business, as well as the implementation of overly demanding levies on banks. In the medium term the challenge is Basel III implementation. "While regulation is welcome in the aftermath of the crisis, the fear is that it might end up penalizing with excessive boundaries the cross-border banking model, which has been the base of economic and financial convergence in CEE", said Revoltella.
UniCredit
UniCredit is a major international financial institution with strong roots in 22 European countries and an overall international network present in approximately 50 markets, with 9,600 branches, and more than 161,000 employees as of 30 September 2010.
In the CEE region, UniCredit operates the largest international banking network with nearly 3,900 branches.
The Group operates in the following countries: Austria, Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
UniCredit Tiriac Bank credit card holders have a 8% discount for UMC services
10.01.2011
UniCredit Tiriac Bank has signed a new partnership by which the private individuals clients who have credit cards issued by the bank automatically benefit from a 8% discount at all policlinic services of Unirea Medical Center (UMC).
The bank offers to its private individuals clients a wide range of credit cards, from MasterCard Standard, to MasterCard Gold, to MasterCard Gold Miles & More (which allows to the holders the accumulation of premium miles for airplane flights) and UNICEF affinity card.
This new benefit is part of a more complex loyalty program made available to UniCredit Tiriac Bank clients. The clients may benefit from up to 20% discounts for medical services, hotels, restaurants, tourism agencies, vehicle lease agencies or beauty & spa saloons. The complete list of the partners may be consulted on www.programreduceri.ro
"Our discount program allows the card users to save. At the same time, they can enjoy the advantages of some payment instruments that are sure, easy to use and that do not suppose any additional costs. For us it is very important to offer our clients benefits that answer their needs", said Bogdan Spuza, manager of marketing and segments within the retail division of UniCredit Tiriac Bank.
About UniCredit Tiriac Bank
UniCredit Tiriac Bank is part of UniCredit Group network, the largest bank group from Central and Eastern Europe and one of the largest in Europe. UniCredit Tiriac Bank is a true "one-stop-shop" of financial services, from which at present 520.000 active clients benefit by means of 235 branches. In Romania, the group offers a large range of specialized products and services through its partners: UniCredit Leasing Corporation, UniCredit CA-IB Securities Romania, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Consumer Financing (UCFin) and UniCredit Business Partner.
About CMU
CMU, after the recent merger with Euroclinic, is the most complex supplier of private medical services in the country. CMU means over 1.000 permanent doctors and collaborators in the three hospitals and over 23 policlinics present in Bucharest and in the country. CMU offers the most complex corporate subscriptions on the market, proving flexibility in offering health programs adapted to the needs of its patients. CMU doctors encourage the prevention and accession of medical services for a better management of the status of health.
