EximBank is insuring the exports of Annabella Fabrica de Conserve Râureni in Belarus
Bucharest, February 21, 2017 – EximBank has issued an insurance policy for Annabella Fabrica de Conserve Râureni, one of the leading Romanian producers of canned fruits and vegetables, protecting the company against the risk of non-payment for a total export value of 50.000 Euro in Belarus. The insurance policy is issued in the name of and on the account of the Romanian State.
”This is our second insurance project with Annabella Fabrica de Conserve Râureni and even if the volumes are not very high I find it very important as a token for this type of transaction: more and more Romanian exporters expand their interests outside the European Union market, in areas where the profits are higher but in riskier conditions as compared to Europe and EximBank is answering right this need of protection against international political or commercial risks offering products that are significantly mitigating these risks. From our perspective, the insurance package that we are able to offer in the name of and on the account of Romanian State is really extraordinary for the companies looking to approach other markets or to start business relationships with new partners considering both the safety and the fact that the insurance policies may be used in completing the necessary guarantees requested by the financing banks when accessing credit lines.”, said Traian Halalai, Executive President of EximBank.
According to the terms of the insurance policy, Annabella Fabrica de Conserve Râureni is certain to cash in the counter value of 85% of the total exported value in Belarus. By using the EximBank insurance package, the company is securing its positioning on the target market, developing its business with new partners and export contracts in continuous conditions of the local activity.
”There is no bigger satisfaction for a Romanian production company than for its brand to be visible around the globe. We have reached this point because we have changed, we have adjusted, we are creating and innovating keeping in mind our most precious value: the quality of our products that is our best recommendation. Our portfolio comprises more than 150 different products that are now reaching 22 countries on four continents. We have managed to increase our exports by 20% of total sales and we aim at continuing to consolidate our position on foreign markets especially because we can benefit from financial instruments such as the EximBank insurance policies that support us in increasing the safety conditions”, said Dan Mutu, General Manager of Annabella.
About Annabella Fabrica de Conserve Râureni
The company is part of the Annabella group founded by Dorina and Dan Mutu from Râmnicu Vâlcea – that includes the Annabella stores, SC Agro Holding Annabella SRL, SC Sere SRL, SC A.F.C.R. LOGISTIC SRL and SC Fralvil SA. The story of the two entrepreneurs – who rank in the top of the biggest Romanian entrepreneurs in the local food industry as per company’ turnover – starts in 1994 when they opened their first store. Later on, they expanded their activity in retail and production by acquiring in 2008 the canned production facility in Râureni. After 5 Million Euro invested here, it is now the production facility of more than 150 different products (comfitures, jams, compote, tomato sauce, vinegar, syrup natural juices from fruits, wellness and HoReCa products) and one of the top providers of concentrated juice in Romania. Râureni is becoming a Romanian brand more and more known abroad, exporting in USA, Canada, Australia and especially EU countries (United Kingdom, Italy, Spain etc). It is also a supplier of Unilever and McDonald’s for certain products categories. Annabella group has more than 1.500 employees and has a turnover of 72 Million Euro in 2015.
EximBank has been actively involved for more than 25 years in supporting and promoting the Romanian business environment by endorsing the local companies’ projects. The banks has developed complex integrated solutions for exporters by supporting their activity in all stages – production, delivery, cashing in the counter value of exported goods through:
- FINANCING covering the production or delivery costs for export goods or services.
- GAUARANTEES issued in the name of and on the account of Romanian state, reducing the crediting risks and facilitating companies’ access to financing.
- INSURANCE POLICIES issued in the name of and on the account of Romanian state, covering the payments under export contracts against risks associated to the foreign partners and the target country.
- TRADE FINANCE adjusted to the specific activity of each company – Documentary bill of credit; Letter of Banking Guarantee; Incasso; Documentary payment order
- COMMERCIAL INFORMATION.