“It was a strategic decision made at group level,” Ioana Tanase, general manager of UniCredit CAIB Securities, told Mediafax.
“So far, we are the only ones targeted,” she added.
The brokerage activities of UniCredit CAIB Securities will be taken over by UniCredit Tiriac Bank.
UniCredit CAIB Securities is Romania’s fourth largest broker, with total transactions of 1.13 billion lei (EUR250 million) in the first nine months and a market share of 6.63%.
This is the second brokerage house to announce an impending closure in the past two months. In October, Dutch group ING said it would close its brokerage operations in Romania, as part of a larger restructuring strategy that includes divesting brokerage and related businesses at all its international locations, excepting Benelux and Poland.