The CEO of Banca Transilvania (TLV), Mr. Robert Rekkers, was cited by local media saying that it targets a 10% loan growth in 2012. This rate compares favorably with a rate of 5.6% used in our model for TLV.We view the 10% rate as a bit too optimistic, despite the fact that we expect TLV to continue stealing market share from competition. The CEO did not elaborate on this organic growth rate but he also said that he would not rule out acquisitions. In our opinion, TLV?s current solvency does not allow any significant acquisition on the domestic market.
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