EximBank, a state-held bank specialising primarily in providingguarantees and funding for SMEs, expects the insurance company itwill launch on the Romanian market in the first half of 2010 topost a 3 million-RON turnover in its first year in business. Thecompany will operate on the segment of commercial loan insuranceand reinsurance, a market where specialised companies such as EulerHermes - a division of German group Allianz - and Coface arealready present. "Insurance Reinsurance Company Exim Romania (CARE)will provide Romanian companies, especially exporters and SMEs withinstruments allowing them to manage their commercial loanseffectively. The new company aims to contribute to the market'sdevelopment by creating competitive pressure, to the benefit ofclients, and become a major player in the sector on medium term,"says Ionut Costea, president of Eximbank.
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