July 4, 2014 / 2:06 PM / in 4 years

Raiffeisen Bank Int'l expects profit in Romania in 2014

VIENNA, July 4 (Reuters) - Raiffeisen Bank International expects to make a profit in Romania this year, the lender said after Austrian rival Erste Group warned of a record loss this year due to hits from Romania and Hungary.

“RBI has founded, and not purchased, its Romanian subsidiary in 1998. Therefore, there is no risk of goodwill impairment,” Chief Executive Karl Sevelda said in a statement, adding local management had taken a “very prudent” approach to risk management.

“In 2013, Raiffeisen Bank in Romania has earned a profit after tax of 100 million euros, and we expect a profit there again this year,” he said without giving further details.

RBI said it had total goodwill of 544 million euros ($742 million) on its books at the end of 2013, mostly for Russia and Poland and none for Romania or Hungary.

$1 = 0.7331 Euros Reporting by Michael Shields, editing by David Evans

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