EximBank's insurance company expects 3m-RON business

EximBank, a state-held bank specialising primarily in providing guarantees and funding for SMEs, expects the insurance company it will launch on the Romanian market in the first half of 2010 to post a 3 million-RON turnover in its first year in business. The company will operate on the segment of commercial loan insurance and reinsurance, a market where specialised companies such as Euler Hermes - a division of German group Allianz - and Coface are already present. "Insurance Reinsurance Company Exim Romania (CARE) will provide Romanian companies, especially exporters and SMEs with instruments allowing them to manage their commercial loans effectively. The new company aims to contribute to the market's development by creating competitive pressure, to the benefit of clients, and become a major player in the sector on medium term," says Ionut Costea, president of Eximbank.