UniCredit Bank to build office building in Bucharest

UniCredit Tiriac Bank, the sixth largest bank by assets, plans to break ground on a new office building that will host the bank’s back-office operations once construction works completed.

On Tuesday, UniCredit Bank signed a contract with the construction company Bog’Art held by Raul Doicescu, that will be responsible for completing the construction works before 2012, persons closed to the issue told NewsIn.

For the time being, Unicredit Bank’s back-office activities are done from different leased office spaces in several buildings in Bucharest.

And the timing couldn’t be better, given the collapse of the real estate industry in Romania, that pared land prices and construction costs to bone.

Other banks have moved their back-office operations lately: Bancpost moved to Pipera area at the end of last year, Millennium Bank has a new headquarter in City Gate building in north Bucharest, while Libra Bank moved its head office on Semilunei Street.

UniCredit Tiriac Bank posted a net profit of 329 million lei in 2009 (€78 million), calculated according to the International Financial Reporting Standards, down 8% from 2008, on 84% growth in loan loss provisions. The bank’s assets rose 17% to 20.4 billion lei (€4.8 billion).

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