Revolut has recently announced it reached 4 million retail customers in Romania, an important milestone for the company and a decisive factor for opening the Romanian branch.

The new branch, Revolut Bank UAB Vilnius Sucursala București, will officially open in 2024. This move aims to transition Revolut from a financial technology company to a fully operational bank in Romania. The establishment of the branch follows the company’s registration with the National Bank of Romania and the Romanian Trade Registry, indicating its commitment to complying with local regulations.

Changes for Existing Customers

One notable change for current users is that this transition will affect existing accounts. Customers will receive new International Bank Account Numbers (IBANs) as part of the rebranding process. This change is essential as Revolut shifts to offering more comprehensive banking services, including traditional banking functionalities alongside its existing digital offerings.

With the opening of the branch, Revolut aims to provide an expanded suite of services tailored to Romanian consumers. The company plans to maintain its digital-first approach, ensuring customers can access their accounts and perform transactions seamlessly through its mobile app.

Market Impact

Revolut’s entry into the Romanian banking sector is poised to increase competition among local banks, particularly in digital banking and customer service. With approximately 2.8 million users already utilizing its platform for payments and transfers, Revolut’s move could significantly influence Romania’s consumer preferences and banking habits.

Revolut’s upcoming branch in Bucharest represents a pivotal moment for the company and Romanian consumers. As it transitions into a full-fledged bank, existing customers can expect changes to their account details while gaining access to enhanced banking services designed for a modern financial landscape.

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Precisely, Intesa San Paolo Bank is preparing to take over First Bank’s operations in Romania. First Bank, a financial entity now belonging to investment fund J.C. Flowers, had, in its turn, bought the Leumi Bank’s operations in 2020. They entered Romania’s market after acquiring Piraeus Bank in 2017.

The reported number of the current transaction is EUR 130 Million, but the Italian bank’s representatives say this will double their share in Romania. According to Romania’s Central Bank, Intesa San Paolo had a market share of 1.09% at the end of 2022, while First Bank had a 1.10% market share.

This operation doubles our presence in Romania, a country of significant economic growth with strong ties to Italy, and is in line with our strategy to take advantage of value opportunities while focusing on organic growth and driving profitability. The expansion in Romania strengthens our position as a solid bank in Central and Eastern Europe and actively supports the internationalization of Italian companies.

Marco Elio Rottigni, Intesa San Paolo Bank

Also, the PKO Bank Polski, Poland’s largest bank by assets, is set to begin its operations in Romania from early next year. Reportedly, they will activate only in B2B for loans and operations for SMEs and companies.

We have been monitoring the Romanian market for some time now. Romania’s economy is increasing at a quick pace. Many Polish companies are already investing in the Romanian market, and for some, Romania has become a second home market. The Romanian branch will focus on providing banking services to companies. Our main goal is to be the top choice for leading Polish firms and SMEs. Of the top 10 banks in Romania based on asset levels, eight have no presence in the Polish market. This presents an opportunity for PKO Bank to bridge the economies of both countries.

PKO Bank Polski’s press release

Again, these are good signs that Romania offers good business opportunities in the financial and banking sectors. The fact that both moves regard banks activating in the B2B sector also shows that the business environment in Romania seems attractive to investors.

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During the company assessment, over 70% of employees recommended the organization in recognition of its culture fueled by transparency, trust and collaboration to encourage the employees to always be developing, learning and contributing.

Best Places to Work is an international certification program, considered the ‘Platinum Standard’ in identifying and recognizing top workplaces around the world; it provides employers with the opportunity to learn more about the engagement and the satisfaction of their employees and honour those who deliver an outstanding work experience with the highest standards with regards to working conditions. 

We are immensely proud of First Bank being certified as Best Place to Work, and is the first certified bank in Romania this year. The certification process for Best Place to Work is rigorous, and we surpassed all the criteria with flying colours. This is a great milestone on our journey. Each day all of us at First Bank are passionate about serving our customers, and we want to be the best place for our customers and people. We strive to keep the Best Place to Work certification for many years.

Henk Paardekooper, Executive President of First Bank, commenting on this achievement

Every year, the program partners with many organizations in Romania across different industries to help them measure, benchmark, and improve their HR practices and have access to the tools and expertise they need to deliver effective and sustainable change in their organizations. The participating organizations are evaluated through two assessments process and, on meeting the qualifying criteria, are certified as the Best Place to Work for 1 year.

After acquiring Leumi Bank in 2020, First Bank has reached a market share of 1.8% of the banking sector in Romania by financial assets. At that moment, First Bank had 59 branches and 130,000 active clients.

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