This article ranks the top banks in Romania by assets, offering a detailed analysis for consumers and businesses alike.

1. Banca Transilvania – BT

Overview: Banca Transilvania (BT) continues to lead the Romanian banking sector, maintaining its position as the largest bank by assets.

Key Strengths:

• Financial Performance: In 2023, BT reported assets nearing 162 billion RON, marking a substantial increase.
• Customer Base: BT serves over 3.5 million clients, dominating the retail banking segment.
• Innovation: BT remains a leader in digital banking with products like BT Pay and a comprehensive suite of online services.

Customer Feedback: Customers appreciate BT’s customer-centric approach and extensive service offerings, making it a top choice for individuals and SMEs.

2. Banca Comercială Română – BCR (Erste Group)

Overview: BCR, part of the Erste Group, is second in the Romanian banking.

Key Strengths:

• Financial Performance: BCR’s assets reached 108 billion RON in 2023, reflecting a 10% growth.
• Branch Network: BCR has an extensive network of branches and ATMs, ensuring wide accessibility.
• Financial Solutions: The bank offers diverse products, including personal loans and investment services.

Customer Feedback: BCR is praised for its comprehensive reach and product diversity, though some users suggest enhancements in digital banking services.

3. CEC Bank

Overview: CEC Bank has made a significant leap, rising from 6th in 2022 to 3rd in 2023.

Key Strengths:

• Financial Performance: CEC Bank’s assets soared to 83.5 billion RON, a remarkable 35% increase.
• Market Share: The bank, controlled by the state through the Ministry of Finance, holds a 10.4% market share.
• Strategic Growth: This rise is attributed to strategic initiatives and enhanced customer engagement.

Customer Feedback: CEC Bank is commended for its rapid growth and increased market presence, attracting a broader customer base.

4. BRD – Groupe Société Générale

Overview: BRD has slipped to the 4th position, reflecting a dynamic competitive landscape.

Key Strengths:

• Financial Performance: BRD maintains a solid financial standing with substantial assets despite the drop.
• Corporate Banking: The bank is known for its strong corporate banking division.
• Digital Services: BRD’s MyBRD mobile app remains popular among users.

Customer Feedback: BRD is recognized for its reliability and robust financial products, although improvements in customer service are suggested.

5. ING Bank

Overview: ING Bank is now the 5th largest bank, maintaining its reputation for innovative banking solutions.

Key Strengths:

• Financial Performance: ING Bank continues to perform well financially.
• Digital Innovation: The bank is lauded for its user-friendly digital platforms and innovative services.
• Customer Focus: ING prioritizes customer satisfaction with personalized banking experiences.

Customer Feedback: Customers favour ING for its digital prowess and customer-centric services.

6. Raiffeisen Bank

Overview: Raiffeisen Bank has fallen to the 6th position yet remains a significant player in the market.

Key Strengths:

• Financial Performance: The bank maintains solid financial health.
• Customer Service: Known for excellent customer service, particularly in retail banking.
• Digital Platforms: Raiffeisen’s Smart Mobile app is widely appreciated.

Customer Feedback: Raiffeisen is often highlighted for its personalized service and reliable digital platforms.

7. UniCredit Bank

Overview: UniCredit Bank, part of the Italian UniCredit Group, is a prominent player in Romania’s banking sector.

Key Strengths:

• Financial Performance: UniCredit reported robust financial results in 2023.
• Corporate Services: The bank excels in corporate and investment banking.
• Technological Advancement: UniCredit’s mobile and online banking services are well-regarded for their security and functionality.

Customer Feedback: UniCredit Bank is valued for its vital corporate banking services and robust digital solutions, though some customers find its fees higher.

8. Exim Bank

Overview: Exim Banca Românească is a critical player in Romania’s banking landscape, particularly for its trade and export financing support.

Key Strengths:

• Financial Performance: The bank showed solid financial growth in 2023.
• Specialized Services: It offers specialized financial products aimed at supporting international trade.
• Customer Base: Exim Bank caters to corporate and retail customers focusing on business growth.

Customer Feedback: Exim Bank is praised for its specialized services and support for businesses engaged in international trade.

9. Alpha Bank

Overview: Alpha Bank continues to be a stable and reliable banking institution in Romania.

Key Strengths:

• Financial Performance: Alpha Bank reported healthy financials in 2023.
• Service Diversity: It offers a wide range of banking products, from personal loans to investment services.
• Branch Network: The bank has a robust network of branches throughout Romania.

Customer Feedback: Alpha Bank is appreciated for its comprehensive service offerings and strong customer support.

10. OTP Bank

Overview: OTP Bank rounds out Romania’s top ten largest banks, known for its steady growth and customer-focused approach.

Key Strengths:

• Financial Performance: OTP Bank displayed solid financial results in 2023.
• Customer Service: The bank is known for its excellent customer service and personalized banking solutions.
• Innovation: OTP Bank continues to innovate in digital banking, enhancing customer experience.

Customer Feedback: Customers value OTP Bank’s personalized service and user-friendly digital platforms.

Other Notable Movements

• Garanti Bank: Overtook Citi, rising to 11th place.
• ProCredit Bank: Moved up to 19th, surpassing BNP Paribas.
• TBI Bank: Ascended to 21st, while Salt Bank fell to 22nd.

Comparatively, in 2022, Banca Transilvania (1st place), BCR (2nd place) and BRD-SocGen (3rd place) were on the podium in the top of the largest banks by assets on the Romanian market, followed by ING Bank (4th place ), Raiffeisen Bank (5th place), CEC Bank (6th place), UniCredit Bank (7th place), Exim Banca Românească (8th place), Alpha Bank (9th place) and OTP Bank (10th place).

The Romanian banking sector has seen significant shifts, particularly with CEC Bank’s impressive rise. Banca Transilvania, BCR, and CEC Bank dominate the top positions, showcasing strong financial performance and strategic growth. As the landscape continues to evolve, these banks exemplify the dynamic and competitive nature of the Romanian banking industry, ensuring a robust financial ecosystem for consumers and businesses alike.

You also might be interested in our TOP Non-Banking Institutions Romania.

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The acquisition involved Intesa Sanpaolo purchasing a 99.98% stake in First Bank S.A. First Bank operates 40 branches across Romania and holds assets worth approximately €1.5 billion. The bank primarily serves small and medium-sized enterprises (SMEs) and retail customers, and it has been actively investing in digital technologies and mobile banking applications.

Strategic Implications for Intesa Sanpaolo

Doubling Presence in Romania: Before the acquisition, Intesa Sanpaolo was already present in Romania through its subsidiary, Intesa Sanpaolo Bank Romania, which operates 34 branches and serves around 60,000 customers. This acquisition effectively doubles the bank’s operational capacity in Romania, enhancing its service capabilities and market reach.

Strengthening CEE Position: The move aligns with Intesa Sanpaolo’s broader strategy to strengthen its presence in the CEE region. The bank’s International Subsidiary Banks Division (ISBD) manages 11 commercial banks in the CEE region and Egypt, and this acquisition further consolidates its market position, providing a solid base for future growth and profitability in the region.

Supporting Italian Businesses Abroad: with its strong economic growth and close ties to Italy, Romania presents a lucrative market for Intesa Sanpaolo. The acquisition supports the internationalization of Italian companies, offering them better banking services and financial support in Romania.

Market and Economic Impact

Romanian Banking Sector: The acquisition of First Bank by Intesa Sanpaolo is a significant development in the Romanian banking sector. It marks the exit of J.C. Flowers & Co., a major US-based private equity firm, from the Romanian market. Given Intesa Sanpaolo’s established reputation and financial strength, this shift is expected to bring more stability and growth opportunities to the sector.

Economic Growth in Romania: Romania’s GDP growth is projected to surpass 3% over the next two years, making it one of the fastest-growing economies in the EU. Intesa Sanpaolo’s expanded operations in the country will likely contribute positively to this growth, mainly through enhanced support for SMEs and retail banking customers.

Digital Transformation

First Bank’s ongoing investments in digital technology and mobile banking are expected to complement Intesa Sanpaolo’s digital initiatives. Earlier this year, Intesa Sanpaolo signed an agreement with IBM to adopt innovative technology infrastructures, aiming to launch new digital banking services. This synergy is anticipated to accelerate digital transformation in Romania’s banking sector, providing customers with improved and more efficient banking solutions.

Intesa Sanpaolo’s acquisition of First Bank S.A. marks a significant milestone in the bank’s strategic expansion in the CEE region. Intesa Sanpaolo can leverage the country’s economic growth and strengthen its support for SMEs and retail customers by doubling its presence in Romania. The acquisition enhances the bank’s market position and underscores its commitment to capturing value-driven opportunities and fostering organic growth. As the transaction is completed in early 2024, all eyes will be on how Intesa Sanpaolo integrates First Bank’s operations and accelerates its digital transformation journey in Romania.

This strategic move is poised to benefit both the bank and its customers, driving profitability and contributing to the overall growth and stability of the Romanian banking sector.

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Idea::Bank was acquired by the Romanian Transilvania Bank. It is the third bank acquired by BT after Bancpost in 2018 and Volksbank Romania in 2015.

When choosing the name Salt Bank, we were looking for something that would resonate with us, the people here. It is a name that speaks of our ambitions. We have the courage to innovate today to be better tomorrow and we are determined to develop a safe and reliable bank for the long term.

Gabriela Nistor, CEO Salt Bank

Salt Bank will start activity in 2024.

Banca Transilvania is the largest bank in Romania in terms of assets and it was founded in 1993 in Cluj-Napoca.

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”We are not investigating prices, but whether there were agreements between some actors on the market regarding ROBOR”.

Yesterday on the 3rd of November, Bogdan Chiritoiu, the President of the Competition Council, stated that his institution is conducting examinations of the country’s biggest banks about the ROBOR Index. To tell it short, ROBOR is the index that calculates the rate at which banks are willing to lend money to other banks. The checks are being made to discover whether some major bank figures made any secret agreements to increase this rate without justifying the real value.

”[…] the analysis of the conclusions will certainly take some time. At the moment, I can only confirm, I understand that it came from the companies, which surprised us, we are not used to companies announcing that they are being investigated by the Competition Council, I don’t know why they did it. In any case, I confirm that since yesterday morning checks have been taking place based on our legal procedures, with judicial authorization”

Bogdan Chiritoiu to the Romanian Parliament

The president of the Competition Council stated that he found some evidence from the market, however mainly self-reported, so he decided to pursue the investigation further and see what actions needed to be taken. He reiterated that the investigation is not about pricing trends and that the Competition Council is aware of the market’s normal fluctuations of the prices and interest rates metrics. Especially now, during the current double-digit inflation when interest rates are involuntarily increasing, the focus is not on their rise per see but rather on whether any market actors have agreed to raise the rate above what is reasonable in this environment.

“If there is evidence of violation of the law, then we will apply sanctions, after giving the companies the opportunity to defend themselves, obviously. If we are not convinced by their defenses, we will apply sanctions like any other company. […]Obviously, during the investigation we will consult with the Regulatory Authority, as they have the best expertise in the Romanian state regarding the banking sector. But the investigation is based on our analysis, it is not related to any notification received from another institution. […] It is not limited to ROBOR, we are also looking at other things”.

Bogdan Chiritoiu, Presdient of Competition Council

It was specified that the investigation will take anything up to two years and if needed possibly even longer than that.

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