“The substantial profit increase is linked to a major base effect as a result of investments made in 2009, which were reflected in that year’s results,” says Tibor Pandi, chief executive of Citibank Romania.
“I believe we have weathered the crisis rather well, but our conservative approach to lending has sheltered us from pressure generated by an accumulation of provisions, so our rate of non-performing loans is much lower than the market average,” Pandi also says.
He has been at the helm of Citi for just over a year. “It’s been a very good year because we have met our targets related to business consolidation and to the launch of new services.”