The HVB-Tiriac Bank reported a gross profit of 190 million RON (53.6 million euro) in the first nine months of the year, with an operational profit of 192 million RON. That comes despite the number of client deposits dropped by 15% compared to the end of 2005, to 4 billion RON.

Italian group UniCredit took over HVB in 2005, thus becoming the main banking group in CE Europe and the sixth largest in Europe. HVB Tiriac is held 50% plus one share by Bank Austria Creditanstalt, UniCredit’s CEE division, while the rest of the shares are held by Romanian businessman Ion Tiriac.

The bank, the fourth biggest on the Romanian market, is due to merge with UniCredit Romania before June 2007.