Only one in twelve Romanians still trusted the banking system in 2014, said Sergiu Oprescu, board director of the Romanian Banks Association (ARB). By comparison, one in five Romanians trusted banks in 2009.

Local lenders could regain the people’s trust through a better communication, transparency and financial education. Banks should simplify the messages to customers and make them standard, Oprescu said, according to Agerpres.

They should also explain better the most important concepts to their customers. People should understand the difference between investment banks and commercial banks, for example, Oprescu added.

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editor@romania-insider.com