Ionut Costea: EximBank strives to develop co-operation with commercial banks

Bucharest, February 16, 2011 – EximBank has initiated relevant steps for the development of partnership with commercial banks by organizing workshops with representatives of bank branches in order to set the best ways of joining efforts. Such initiative shall be applied throughout the year, with the first meeting in place early this week in Craiova.

“EximBank encompasses in its portfolio those very products able to complete most conveniently the offers of other commercial banks, with no overlap involved. We have tackled such meetings with officials of commercial banks branches feeling confident that only through sustained communication we can lay the basis of a mutually beneficial business background by joining our products to every bank’s particular offer”, declared Ionut Costea, president of EximBank.

The key sector for a partnership is pertaining to guarantees. To facilitate access to funding and boost lending, EximBank decided last year to simplify granting procedures for sovereign guarantees up to euro 1.5 million. The main change in the process refers to the examination of the guarantee application based on the loan report made by the financing bank instead of having EximBankwork out another report. As a result, the responding time was cut to 10 days only, from one month as it used to be.

“We do our best to spread the word about such modification among companies and mostly commercial banks which are in a position to advise their customers to apply to EximBank in order to fill the guarantees requested for a loan”, added the Ionut Costea, president of EximBank.

EximBank makes available a comprehensive range of products directed at those commercial companies in need of a loan or a letter of bank guarantee but are short of enough collaterals. The Bank can issue guarantees for the following recipients:
exporters – in furtherance to company’s guarantees in favor of the financing bank;
SMEs and other kinds– in furtherance to guarantees requested for development and upgrade loans thereby covering the risk of disbursement default;
core economic sectors– warrant of loans or letters of bank guarantee extended for Romanian investments abroad, for the development of infrastructure, of public utilities or environmental protection.