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Revolut wants to launch local branch in Romania in December
Revolut wants to launch a branch in Romania in December, this year, after announcing last year its launch in quarter 1, 2024, according to data presented by bank representatives at a press conference.
Gabriel Simion, general manager of Revolut Romania branch, declared that the delay had nothing to do with problems found in problems in the local market.
“Since 2021 we started ffering Romanian customers local account numbers as part of a partnership with a local bank. A year later,we initiated actions to set up a local branch in Romania, being recorded in the register “Sources of credit institutions in other member states”at the National Bank of Romania, said Gabriel Simion. General Manager of Revolut Bank UAB Romania branch.
Antoine Le Nel, chief growth & marketing officer, a partner and member of Revolut Executive Committee, explained that the bank intends to open a branch within markets where it operates.
He mentioned that the opening of a branch in Romania does not mean a physical presence in the local market, at least in the near future.
“The present structure of our portfolio allow us to have a solid and profitable business, regardless of the macro-economic context. We have both products with bank specific and products of lifestyle, investments, cryptocoins, all in the same place, in the same application. And that allows us that, regardless of the level of the interest rate or the evolution of the market in general, we will continue to grow,” said Antoine Le Nel, Chief Growth and Marketing Officer.
„We added that now, the Revolut business model, which is based on scalable products at world level, passed to another stage, that of consolidating operations and products, as the customer base is growing. Consequently, we have big plans in Romania in the future. Our plans continue to grow in this market, where customers consider us with confidence and we can become the main bank account for millions of users. We want to bethe first option of digital banking for Romanian customers and we answe financial needs regardless of their life stage,” said Antoine Le Nel.
According to him, while last year the company had 38 million customers, the 2024 increase will take the company to over 50 million customers until the end of the year.
“We opened branches in Ireland, France, Spain, the Netherlands, Germany and Romania. This the latest challenge for us, to remain global, to become relevant for the needs of local customers. On the long run, we intend to expand our operations, and to become as local as possible, to be the first operation of main bank account, integrating all financial service sustomers need: payments, credits, savings, investments, direct debit, accounts for children, a.o”, he added.
In her turn, Mariia Lukash, Head of Growth in CEE area, explained that changes in the following period will encourage products for customers in the business area (enterprises, entrepreneurs).
“In 2024, Romania was one of our main markets, with the largest increase of Revolut Business customer growth. We added, on the average, 1,000 new Revolut Business customers per month. Since we started offering business services to companies in the local market, B2B clients made transactions of over 5.8 billion euros in the local market and we process monthly transactions of over 345 billion euros for Revolut Business customers, from various fields (consulting, touris,, e-commerce, IT, marketing and advertising). The total volume of transactions acceoted by our B2B customers has grown 5 times in the last 12 months. We are certain we will continue to grow, as we bring more acquiring solutions and payment solutions, and the local branch will help from this point of view,” he said.
The banl recently announced that it had begun the progressive implementation of Romanian IBAN, which will be used by the Romanian branch the bank at the end of the year.
“All Revolut accounts in Romania will migrate to the IBANs offered by the local Revolut branch. The migration will be made in stages until the end of the year and will allow the company to answer specific needs of local customers,”the bank press release shows.