Ionut Costea: EximBank reported 420 Mil. Ron profit during crisis
Bucharest, May 28, 2012 – EximBank reported 420 Mil Ron consolidated profit before taxes which shows that the current implemented business model is solid and permits further support for the Romanian business environment, declared Ionut Costea, President of EximBank during the event organized by the 20thanniversary of the Bank.
Guarantees volumes offered by EximBank increased 11 times during crisis, from Ron 180 Mil in 2008 to almost Ron 2 Billion end of April 2012. Romanian companies that applied for guarantees from EximBank accessed financing products offered by the commercial banks in the system amounting to Ron 3 Billion Ron.
”The positive trend of the Bank is even more notable as during last years we have witnessed a significant reconsideration of the foreign capital banks’ exposure on the Romanian market. It is important to underline the fact that the increase of Bank’s indicators is linked to important restructuring of the activity, shorter analysis periods and product portfolio extension” mentioned Ionut Costea.
During the event hosted by National Bank of Romania -attended by high ranking representatives of the authorities, businessmen and banking representatives –President of EximBank presented shortly the history of this Bank, mentioning that at the beginning the Bank held one central unit, 113 employees and a capital of Ron 3 Million (30 Billion Lei).
”Today, after 20 years of activity, EximBank has 9 branches, 3 agencies, 348 employees, Ron 800 Million in capital and a 40 products portfolio targeting exclusively companies” emphasized Ionut Costea.
He said that this evolution is due both to the Bank’s highly professional teams as well as to the support granted by associations and organizations representing the business environment in terms of Romanian companies needs identification National Association of Importers and Exporters in Romania, National Council for Small and Medium Enterprises, local and bi-lateral chambers of commerce, Association of National Companies Owners.
”Still, there is one more factor that highly contributed to our results – perhaps the most important: client relations. Lately, the Severnav Shipyard that launches ship after ship using EximBank financing products, grain silos in Constanta port that are stamped “EximBank financed” and the Romcab factories – one of the most important Romanian exporting company supported by financing products and state guarantees. Also, I do believe that EximBank understood correctly that agriculture is a high potential domain and the Bank’s portfolio comprises important transactions in this field.” Added the Bank’s representative.
The process of establishing the Banca de Export Import a Romaniei – EximBank SA started in 1991, when the Council for Mutual Economic Support (CAER) dissolved and Romania started to understand that the policy of supporting its exports has to be res-shaped and placed on a new track.
The idea of establishing agencies to support the exports had emerged 72 years before, in 1919, when the first institution of the kind was established in Great Britain – Export Credits Guarantee Department – with the initial aim of supporting the exports toward Russia. After that stage, in 1933, the first bank holding the EximBank name is established in the United States.
Romanian EximBank is officially established on April 8th1992.
Started as an export agency, EximBank has enriched in time its area of action so that today the Bank can support through its threefold product portfolio focused on financing, guarantee and insurance any type of company, either SME or big company, active on international markets or solely on the domestic one.
Thus, Eximbank has been actively supporting and promoting the Romanian business environment for 20 years, putting its financial instruments to work for local companies projects.