Best private bank: Banca Transilvania
Banca Transilvania strengthened its private banking proposition during the review period through clear balance-sheet expansion, broader digital functionality and a more adaptable service model for clients.
The bank’s private banking division saw its assets under management (AUM) rise to $3.8 billion in June 2025, representing year-on-year growth of approximately 36%. This was significant not only because of the scale achieved but because it supported deeper engagement with discretionary wealth services. Stronger asset growth also reflected evolving client expectations as Romania’s wealth base expands.
Digital improvements had a direct impact on client behaviour. The enhancement of BT Pay and the use of the dedicated trading application enabled clients to manage investments across 28 external markets as well as the domestic exchange. This broadened access to international diversification in a way that complemented existing product allocations. Crucially, the shift reduced dependence on branch-based interactions and supported clients who preferred to transact independently through a clearer, more intuitive interface.
Security measures were strengthened to address rising fraud risks, including the introduction of outbound verification calls and expanded use of biometric authentication through BT Pay. These safeguards supported increased digital adoption by reinforcing confidence in remote channels.
The bank also widened access to environmental, social and governance (ESG)-aligned investments via BT Asset Management, giving clients options that supported environmental and social outcomes while diversifying portfolios. In a market where sustainable choices continue to develop, this represented a meaningful expansion of private banking capability.
Best international private bank: Raiffeisen Private Banking
Raiffeisen Bank Romania is the country’s best international private bank after expanding its balance sheet markedly throughout the review period, supported by more structured client engagement.
Client assets reached $2 billion in 1H25, representing a 15% increase from 1H24. This growth, alongside consistently positive net new money (NNM), flowed into the business’s operating performance as the cost-to-income ratio declined to 24% by mid-2025.
The review period also saw an expansion of the product offering, including new capital-protected and yield-linked certificates, two newly passported sustainable funds, a digital advisory service launched in 2025, and the rollout of Visa Signature and Visa Infinite cards for private banking clients. These additions broadened conversations with clients beyond standard portfolio reviews and supported a more modern service model.
The bank also strengthened direct client interaction, organising nationwide investment briefings featuring its macroeconomic and investment specialists, with attendance exceeding 500 clients across eight cities. These sessions provided a forum for research insights, market context and portfolio positioning, reinforcing the link between advisory, product innovation and relationship management.
A more structured approach to developing its team supported this. The bank’s 17 relationship managers maintained stable client loads while receiving ongoing training tied to the advisory platform and the expanded investment shelf. This ensured that the growing range of solutions could be presented consistently nationwide.
Digital adoption rose in parallel, particularly through fully digitised onboarding and fund subscription flows, enabling faster execution of recommendations and supporting the bank’s continued focus on advice-led private banking.
Best for client service: Banca Comerciala Romana
Banca Comerciala Romana (BCR), a member of Erste Group, delivered a client-centred, standout offering during the review period, supported by tools and solutions tailored to Romania’s market.
Client engagement was strengthened through an expanded programme of business and lifestyle events that created additional touchpoints beyond standard advisory interactions. In 2024 and early 2025, BCR organised a series of events covering macroeconomic and market themes, while also arranging experiences aligned with private banking clients’ interests, including art, sports and luxury jewellery.
The bank reinforced its service model through its open-architecture approach, offering the widest selection of investment products in Romania. Clients benefitted from access to domestic and international funds, enabling effective diversification during shifting macroeconomic conditions. Two locally managed euro-denominated funds introduced in 2024 broadened available options, supporting liquidity needs and longer-term goals.
Digital enhancements further improved the overall experience. Upgrades to the online platform George in late 2024 provided clearer visibility of fixed income holdings and enabled digital bond execution, reducing administrative steps and improving efficiency. Fully digital onboarding for investment accounts shortened processing times and enabled remote set‑up.
The introduction of BCR’s Romania Purchasing Managers’ Index in March 2024 also supported more grounded investment discussions by incorporating timely domestic economic data into advisory meetings.
Best for structured products: Raiffeisen Private Banking
Raiffeisen Private Banking rapidly expanded its structured products offering during the review period, supported by stronger research, enhanced advisory capabilities and rising demand across Romania.
The bank broadened access to structured investments through the Raiffeisen Certificates platform, introducing capital-protected, bonus, digital and express certificates covering major equity indices, commodities and targeted themes.
The mix of currencies and maturities enabled clients to respond to a local market where government bond yields remained elevated, while downside-protection structures provided a pragmatic alternative to direct equity exposure. Products linked to technology, European equities and gold drew particular interest, reflecting shifts in client allocation preferences.
Operational enhancements were central to this expansion. The bank increased research support and delivered regular training to its 17 private banking relationship managers, ensuring they could clearly explain product mechanics, market drivers and suitability considerations during client discussions. This improved the integration of structured products into portfolio conversations at a time when clients sought diversification beyond traditional fixed income.
Engagement deepened through nationwide investment events, where Raiffeisen’s specialists presented macroeconomic themes and local market dynamics to more than 500 clients. These sessions helped contextualise structured products within Romania-specific trends, such as interest-rate movements and FX swap levels, both influential in pricing.
By mid-2025, the bank had issued seven new certificates exclusively for private banking clients, totalling €40 million in volume.
Best chief investment office: Raiffeisen Private Banking
Disciplined asset allocation, a regulated advisory platform and fast execution around local market events shaped Raiffeisen Bank Romania’s chief investment office (CIO) during the review period.
The CIO’s process combines Raiffeisen Research insights with the Black-Litterman model, a portfolio construction framework that allows it to set strategic and tactical weights that are then tested through a local investment committee.
Strategic allocation beat its benchmark by 3.1 percentage points in 2024 (4.8% versus 1.7%) and by 7.0 percentage points in the first half of 2025 (5.2% versus -1.8%). Tactical tilts added further outperformance in the first half, reflecting a framework that translated views into measurable excess return.
Local expertise drove several high-impact calls. After Romania’s election period, the CIO rotated out of money markets into Romanian fixed income, using on-the-ground read-across to capture a risk-on move in local bonds and equities that outpaced international peers.
Within equities, the team moved early to an overweight in US stocks – focusing on small and mid-caps from February 2025 – on the expectation that US policy would support earnings relative to Europe and emerging markets.
In the second quarter of 2025, Dynamic mandates lifted equity exposure by five percentage points to stay invested through easing geopolitical tensions and the concurrent rates rally. These pivots, made within defined risk budgets, underpinned risk-adjusted outperformance across euro and leu model portfolios.
Execution and product architecture supported the CIO view through an expanded offering. A structured products platform launched in September 2024 broadened access to targeted themes. Meanwhile, the CIO-aligned advisory service – powered by a suitability-led digital tool – secured more than 75 client adoptions by June 2025, improving portfolio construction discipline at scale.
