Banca Comercială Carpatica, a local lender which was taken over by Patria Bank (the former Nextebank), recorded EUR 9 million losses in 2016, down 44% compared to the loss reported in 2015.

Although the bank significantly reduced its losses, Banca Carpatica failed to achieve its target last year. The lender was expecting to record losses of EUR 7.3 million.

The negative result was related to the lower net banking income, bank representatives explained. Banca Carpatica also had additional costs with the compensation paid to the employees who were laid off as the bank prepared to merge with Patria Bank. However, the merger has been put on hold.

Banca Carpatica had 26 employees at the end of 2016, down from 866 in December 2015.

editor@romania-insider.com