EximBank activities for the State’s account increased by almost 40% in 2010 compared to the end of 2009, with total commitments (financing, guarantee and insurance) roughly four times larger than in 2008. “Throughout the last year, the bank showcased significant progress for the entire range of products supplied for the State’s account, the most notable increase against December 2009, of 162%, being reported by the insurance segment. The year 2010 marked a substantial raise of exposures associated with default payment risk for non-marketable risks, with a major contribution from exposures on the Russian Federation,” said Ionut Costea, president of EximBank. Costea added that during the same period, financing grew by almost 30%, while guarantees went up 33%.
“The guarantees had the highest dynamics, reaching a level of RON 1.03 billion, four times higher than in 2008. Relying on such guarantees for State’s account, companies were able to access the loans required to expand their business both for venture capital and for major investment projects,” the EximBank official explained. He also said that such results were made possible by a simplified procedure of extending sovereign guarantees of up to EUR 1.5 M, a management decision that reduced responding time from the previous one month period to 10 days.
“This year, our business strategy focuses on the development and raise of competitiveness pertaining to those SMEs and commercial companies involved in EU funded projects. To reach such targets we have to change the outlook on the bank among businesspeople,” Ionut Costea added.
EximBank is a specialised institution whose threefold product portfolio focuses on financing, guarantee and insurance.
Companies expressing an interest in EximBank products may apply directly to the territorial units of the bank, located in Bucharest, Bacau, Brasov, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva, Iasi and Sibiu. Likewise, more information on particular products and documents can be accessed on the website www.eximbank.ro or by emailing the address email@example.com.