Five years ago Raiffeisen International, the Austrian-based bank with the largest reach into eastern Europe, bought Casa Agricola, a struggling state-owned Romanian bank, for $45m and invested about $250m in its modernisation. Today, analysts estimate the bank could be sold for $2.5bn (€1.68bn, £1.22bn).

The rise in value is attributed to Raiffeisen’s success in overhauling Casa Agricola and to Romania’s soaring economic growth, rapid credit expansion and spiralling asset appreciation. Many business people in Bucharest see many similar success stories developing.