Articles in category Financial Services (Diversified)

The Competition Council has authorized the strategic partnership between Wiener Stadtische and Kardan NV. The two companies control Kardan Financial Services Olanda.
Kardan Financial Services manages, on the Romanian market, TBI Leasing, TBI Broker Asigurare, TBI Credit and Fortuna Credit.
Wiener Stadtische controls Omniasig, Unita, Agras and Autosig.
Kardan, the owner of TBIH Financial Services, announced in 2005 that it had acquired a 49.97 percent share package in Omniasig Life Insurance.
The transfer of the titles was made at a price somewhere between 3.5 and 4 million euros, according to a preliminary agreement signed between the two parties.
Omniasig SA owns 95.95 percent of Omniasig Life's titles, the company's nominal capital being 69 million ROL.

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The Romanian consulting services market witnessed considerable expansion last year, to 270-280 million euros according to some estimates, due to economic growth and the forthcoming European Union integration, say representatives of consultancies.

Consumer credit company Credisson granted EUR 30 million in loans over the first three months of 2006, a 37 percent increase compared to the same period last year, the company announced last week.

Romanian financing company Estima Finance increased its capital by €3.4 mln reaching to €7.7 mln.

The company plans to use the raised sum to support the company's expansion on retail sectors forecasted for high growth including information technologies (IT) and furniture.

The company had a 10% share in the local consumer credit market in 2005, covering 700 trade locations countrywide, while volume of contracts rose by 4.3 times on the year.

Estima Finance expected contracts to reach above 70 mln euro for 2005.

The company targets to achieve a 13% market share in 2006.

Estima Finance also placed a four-year bond issue in December 2005, in order to diversify its financing sources.

The company issued 150,870 bonds, worth 15.78 mln new Romanian lei (€4.33 mln).

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George Toma Mucibabici was appointed as chief of the financial consultancy and audit branch of Deloitte in Romania.
Toma is the former president of the Ion Tiriac Bank.
"The experience Mucibabici has in the financial, public and corporate sector are advantages for Deloitte," said Maksim Caslli, Deloitte's office manager partner for the Balkan area.
The main responsibilities of the new president will be to consolidate relations with the most important companies in Romania and represent Deloitte within the business community.

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Greek closed-end investment fund Dias Invest intends to pump over 15 million euros into emerging markets from Southern and Eastern Europe. Poland, Turkey, Romania, Serbia and Bulgaria will take priority, according to information, which appeared in the Greek press.

Credisson, a consumer lending company, managed by Cetelem, which is controlled by French group BNP Paribas, will release personal loans worth up to 3,000 RON for a three-year period at most, according to a company release.

The chairman of Cluj-Napoca-based Globinvest, a company that manages four investment funds, plans to attain approximately 37 million euros in assets by 2008. Globinvest launched Fondul de Actiuni Privat Transilvania (Transilvania Private Equity Fund) this year, its second closed-end fund after the Fondul Privat Comercial (Private Commercial Fund).

British-based Provident Financial opened an office in Bucharest and started recruiting for its activities on the Romanian market.

The consumer credit company is also financing cars acquisitions and closes auto insurances.
Providential has offices in the Czech Republic, Hungary, Poland and Slovakia.
The company's crediting activities amounted to 966 million euros and its net profit was of 85.4 million euros, in 2005.
Provident Confidential started its activity over 125 years ago and is listed on the London Stock Exchange.

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