UniCredit Romania and HVB Tiriac Bank, both subsidiaries of UniCredit Group in Romania, have concluded their merger, a press release received by HotNews.ro says. The new financial institution is named UniCredit Tiriac Bank and figures among the first five banks on the Romanian market under a management team led by executive president Rasvan Radu.

By the end of the first quarter -2007, the merging banks held assets worth 12 billion RON with a combined gross profit of 83 million RON and total income of 197 million RON.

UniCredit Tiriac has 600,000 clients and a network of 136 branches in 38 Romanian counties.

The management of the new bank is formed or top executive Rasvan Radu; Corporate vice-president Melih Mengu; Operations and Business Support vice-president Andreas Gschwenter; Financial vice-president Marco Cravario and Risk vice-president Armin Huber.

UniCredit Group is one of the most important players on the European banking market with 35 million clients and 7,000 units in 20 countries. In Romania, beside UniCredit Tiriac Bank, it holds UniCredit Leasing Corporation, CA-IB Securities, CA-IB Romania, HVB Insurance Brokers, Pioneer Asset Management, UniCredit Produzzioni Accentrate and HVB Banca pentru Locuinte.