Bancherul - BANCI / ENGLISH / Erste Group Immorent launched to provide central unit for all real estate financing and development services

• Unit formed from Immorent AG, Erste Group Bank AG and their respective subsidiaries in CEE/SEE
• New unit is a central hub of real estate services and expertise
• Erste Group Immorent ranks among top three lending and leasing portfolios in SEE/CEE
• Targeted clients are project developers, businesses and the public authorities

Vienna and Bucharest, 24 January 2011 - Erste Group Immorent (EGI) is an umbrella organisation for all of the real estate services of Immorent AG, Erste Group Bank AG and their respective subsidiaries in CEE/SEE. The new unit provides its clients with a “one-stop-shop” covering the full real estate value chain for commercial, residential and municipal projects: lending, leasing, investment, project development, construction services as well as infrastructure business. It allows project developers, businesses and public authorities to access a comprehensive range of real estate services and local experts from one central hub. The new management structure “Erste Group Immorent” was effective as of January 1, 2011.

The Romanian unit of Erste Group Immorent will be co-headed by Dragos Stoian, in charge with real estate financing in BCR, and Bogdan Cernescu, managing director of the Romanian subsidiary of Immorent AG. The local unit numbers over 50 people ranging from sales specialists to project managers and construction specialists.

Dragos Stoian, Co-Head of Erste Group Immorent Romania,,explains: "By combining the business activities of Immorent and BCR, we maximize the synergies of our companies for our customers. We are, thus, able to offer our expertise in lending, leasing and investment for real estate and infrastructure projects from a single source.

Bogdan Cernescu, Co-Head of Erste Group Immorent Romania, adds: What was previously available solely for clients of Immorent now applies to all forms of BCR real estate financing: tailored complementary construction services up to a complete project implementation. We are convinced that our new structure offers our clients top quality advice & support."

Erste Group Immorent AG has a workforce of 866 people in 12 countries in SEE/CEE (incl. Austria) and manages a leasing and lending portfolio of EUR 13 bn (figures as of 30.09.2010). Erste Group Immorent AG is present in Austria, Czech Republic, Slovakia, Hungary, Croatia, Slovenia, Serbia, Bulgaria, Romania, Ukraine, Montenegro and Poland. The new management board for Erste Group Immorent AG comprises Peter Tichatschek as (CFO/COO/CRO), Richard Wilkinson (responsible for lending and leasing) and Gerald Antonitsch (responsible for project development and infrastructure)

The new range of Erste Group Immorent business activities particularly encompasses Erste Group's activities for public authorities. It brings together all the infrastructure expertise to ensure the best possible advice and individually tailored financing solutions and supplementary services for implementation. It also comprises a team of international PPP experts for these projects in the region.