Choosing Timis
The war for talent
Betting on EU funds
Its location on the western border and the easy access it provides to Central Europe have turned Timis into a destination for industrial manufacturers
The limited availability of employees has become a problem in Timisoara and more and more companies are finding it difficult to fill positions
Timisoara’s City Hall is currently working on some 200 projects for which it wants to attract EU funding
www.business-review.eu
April Issue 2014, 3, October Number 2014 2
TIMISOARA
WESTERN GATEWAY
Business Review Supplement
www.business-review.eu BR Local Investment | October 2014
2 OVERVIEW
TIMIS Facts&Figures ∫ SIMONA BAZAVAN
The third issue in BR’s series of supplements dedicated to Romania’s main regional economic centers focuses on Timis County. Proximity to the west, a well trained workforce and proactive authorities have made Timis one of country’s main growth poles, providing plenty of business opportunities to investors.
General information
Real estate market
8,696.7 km – the county’s total surface, or about 3.6 percent of Romania’s total territory 649,000 – total population Timisoara – the largest city (319,000 inhabitants) and the county residence Lugoj – second largest city (45,000 inhabitants) 50,000 – the number of undergraduate students in Timisoara 869,665 ha – the county’s farmland area
100,000 sqm – class A and B office stock EUR 12-14/ sqm/month – prime rents for class A office space 5% - Vacancy rate for office space EUR 140/month - starting level for asking rents for studio apartments EUR 190/month - starting level for asking rents for one-bedroom apartments EUR 270/month - starting level for asking rents for two-bedroom apartments EUR 814/sqm - average asking price for old apartments EUR 889/sqm - average asking price for new apartments
Source: residential data from Imobiliare.ro
Economic data 19,000 – active companies in the county (2012 data) EUR 8.8 bln – total turnover of companies registered in Timis in 2012 1.58 % - unemployment rate in August 2014 31 % - of the county’s population is employed
Infrastructure 2,900 km – public roads, the highest level in Romania Pan-European Transport Corridor IV – passes through the county 3 – customs checkpoints with neighboring Hungary and Serbia 558 km – distance between Timisoara and Bucharest 287 km – distance between Timisoara and Budapest 524 km – distance between Timisoara and Vienna 757,000 – passengers passed through the Traian Vuia International airport in Timisoara in 2013
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FOCUS 3
Why Timisoara? Its location on the western border and the easy access it provides to Central Europe, a well trained workforce, the authorities’ support in creating a business-friendly climate and a diverse and inclusive cultural setting have turned Timis county and Timisoara in particular into one of the country’s main economic growth poles. Local companies tell BR what it is like to do business in Timisoara and what new opportunities lie ahead. its local office. “Timisoara has become one of the most important Eastern European IT centers. In addition to the well qualified workforce and solid foreign language skills, especially English and German, this region also enjoys cultural compatibility with the countries our clients are from,” SAP representatives commented. IT services corporation Atos is another player that has been attracted to Timisoara by the existence of a large number of IT graduates as well as a diverse cultural setting. “Timisoara is a multicultural city, influenced by several ethnic communities – German, Hungarian and Serbian in particular, but also Bulgarian, Italian and Greek – and this provides an advantage in relations with our clients,” Catalina Dodu, country manager of Atos Romania, told BR.
∫ SIMONA BAZAVAN Location, location and again location “Almost 15 years ago, when Continental Corporation decided to invest in Romania, it decided upon Timisoara as its first location for several reasons: the highly trained human resources due to the Polytechnic University based in Timisoara, the openness of the people, the fact that they speak English or German, transparent communication with the local authorities and the small distance to the western border,” Christian von Albrichsfeld, general director of Continental Automotive Romania, told BR. The German automotive manufacturer has grown to be the largest company in Timis County based on turnover and one of the main investors. Out of the 13,000 employees it has in Romania, almost 7,000 are working for the three companies Continental runs in Timis – Continental Automotive, Continental Tires and ContiTech. “We plan to continue to invest in our people and in new facilities as more and more projects are based in Timisoara,” added Albrichsfeld. And Continental is not the only player from this industry that has decided upon Timis. The automotive industry has become the county’s business backbone and several other international players – such as Delphi Packard, TRW Automotive, Lisa Draxelmaier and Mahle – have chosen to do business here due to the successful mix between the proximity to Central Europe, the quality of the existing workforce and support from the authorities. The latter came mainly in the form of infrastructure investments and support for the dual education system. Location is a crucial factor for manufacturers who elsewhere in Romania would have to struggle with poor infrastructure, and logistics and industrial space developers are investing in meeting their demand. Artemis Real Estate, the local branch of Swiss Artemis Holding, has recently announced that it will develop five logistics and residential projects near Timisoara, on a 128 ha plot of land. Out of this surface, 40 hectares have been allocated to the development of logistics and industrial parks. EUR 15 million has been invested so far in the land and infrastructure works at the site. “For us, the most relevant aspect is
Investors have been attracted to Timis by its well trained workers and location the city’s geographical position and infrastructure – the existence of an international airport and direct access to the highway network connecting Romania to Western European countries,” Michael Soormann, manager of Artemis Real Estate, told BR, adding that another important factor is the existence of a qualified workforce. Timisoara is not only close to the west, but its remoteness from Bucharest has prompted the development of a different business culture, thinks local businessman Ovidiu Sandor, the developer of the City Business Centre office project in Timisoara. “Given the city’s size, in Bucharest there are simply more companies and more people involved in business, but there is also a strong share of business that involves the state (…). Timisoara on the other hand, has seen the development of a business culture based entirely on the private sector,” he told BR.
The war for talent Timisoara is the largest university hub in western Romania, which makes it an attractive destination for investors from any given industry, but IT in particular. Two years ago, software consultancy company SAP opened an office in Timisoara because of the availability of a large number of German-speaking IT specialists, a crucial aspect given that in the beginning the office focused on serving mainly German, Austrian and Swiss clients, company representatives told BR. SAP now employs 80 people in
continued on page 5
www.business-review.eu BR Local Investment | October 2014
4 INTERVIEW
Success story: Timisoara bets on innovation for future growth Timisoara’s City Hall is currently working on some 200 projects for which it wants to attract EU funding and which will further improve the city’s already advantageous investment climate, Nicolae Robu, mayor of Timisoara, told BR. frastructure projects focused on sustainable development: the Timisoara rail ring road, the shifting of railroads underground, the renovation and expansion of the TimisoaraKikinda (Serbia)-Szeged (Hungary), Timisoara-Szeged through Cenad railroads, the modernization of Gara de Nord, modernization and extension works at rail and road passages, the city’s ring road, the development of the navigation infrastructure on the Bega river channel, the extension of tram lines to surrounding localities, which are part, along with us [e.n Timisoara] of the Timisoara Growth Pole, the acquisition of ecological transportation: electrical trams and buses and many other projects in all areas.
∫ SIMONA BAZAVAN What are the main five reasons that a company, be it local or foreign, should invest in Timisoara over another city in the region? Timisoara’s success in attracting foreign investors is the result of its favorable geopolitical position, developed technical and communication infrastructure, well-qualified labor force, attractive business environment and, last but not least, the openness and constant focus of the public local authorities on attracting foreign investment and encouraging business. First of all, Timisoara is Romania’s gate to the West, an important pan-European road node located at the junction of national and international road and rail transport networks. We also have the Timisoara International Airport. The second reason is the city’s modern infrastructure and the fact that it offers investors an extensive business support infrastructure – industrial parks, business incubators, a technological transfer center in the software industry, a regional business center and so on. Its sustained economic development pace makes Timisoara the main growth pole after Bucharest, and this is the third reason. The city generates 80 percent of the county’s turnover and over 30 percent of the region’s, and offers a favorable investment climate. Another important aspect is the fact that Timisoara offers a qualified, welltrained labor force, being one of the strongest university centers in the country – with over 50,000 students – and it also has schools preparing workers for the city’s businesses. And Timisoara is an administrative center. What are the main incentives and facilities offered to companies that invest in Timisoara? Do you plan on adding new such incentives in the future? The measures for stimulating investments include offering fiscal facilities and investing in infrastructure. We have made the administrative system more efficient and reduced bureaucracy, and we provide business support infrastructure by offering investors an area with utilities in the Freidorf Industrial Park and accessible spaces in business incubators. At the same time, we introduced a ‘de minimis’ aid scheme, a set of fiscal facilities granted to businesses making
an initial investment. These facilities can be a reduction or exemption from the payment of building or land tax, depending on the value of the investment made and the new jobs created, under the condition that the investments and jobs are maintained for a minimum of five years. These measures target both Romanian and foreign investors. For foreign investors we have an active policy of attracting them through sustained international relations activity. What are the main elements of Timisoara’s economic development strategy for the coming years? Are there priority industries you would like to promote? We are aiming for innovative, sustainable economic development, based on high value-added services, using a qualified work force, while developing industrial sectors using high tech, IT and telecommunications. As such, one strategic direction is the implementation of projects that entail the establishment of integrated innovation and applied scientific research structures to improve knowhow. At the same time, programs looking to establish business support infrastructure are a priority. From a strategic point of view, we will look to develop horizontal ties in target areas such as the auto industry, software and telecommunication by implementing projects stimulating the
growth of company networks or clusters. We are encouraging the development of the tertiary sector, of services based on advanced knowledge and intelligence (electronic services, software, consultancy, including legal services etc.) of the banking and insurance services, tourism, trade and business support services. For which projects are you planning to access European funds in the 2014-2020 programming period? We are preparing 200 projects, our own and in partnership with universities, schools, institutions and clusters. Among these, one strategic project is the Tehnopol technological innovation park. In partnership with several universities we have put together a detailed development concept for inventions and innovations for IT&C, the auto industry, bio and renewable energy, all on a 92 hectare surface. The project involves the implementation of business structures for companies from the startup phase to finish, at various development stages. Timisoara is an important logistical center, and the national transport strategy identifies it as a strategic location for the setting up of an intermodal goods transport center, for the construction of which we have a project financed in the 2014-2020 programming period. We also have large transport in-
What investment works, especially infrastructure related, with an impact on the business environment are currently being undertaken in Timisoara? Earlier this year we inaugurated the TIC-Incuboxx for high-tech companies (56 companies) and a business incubator in the Dumbravita commune (17 companies). The commune is part of the Timisoara Growth Pole, for crafts and services. Next year we will complete the regional center for skills and the development of providers in the automotive sector in the Freidorf Industrial Park. It is a services and training programs space on an 8,000 sqm surface. Which new companies are interested in investing in Timisoara? One example is Contitech Romania, a producer of car and car engine parts and accessories, located in the Freidorf Industrial Park which has asked to lease a 20,000 sqm plot because it needs to create 150 new jobs. Another similar request came from Data Incorporated which wants to build storage space for equipment for the photovoltaic panel production line and testing area. We also know that Linde Gaz – Global Services is adding 300 new jobs, Continental Automotive – Software Automotive is expanding with 600 new jobs, Microsoft will also increase the headcount at its service center, TT Electronics-Integrated Manufacturing Services will open a new production unit in Timisoara and Hella will expand its research and development capacity. simona.bazavan@business-review.ro
www.business-review.eu BR Local Investment | October 2014
continued from page 3 As for setbacks when doing business in Timisoara, Dodu says the local infrastructure needs further investments and there is also a need for more office space in the city. The availability of employees has also become a problem. Timis had a 1.58 percent unemployment rate this August, according to official data, and more and more companies are finding it difficult to fill positions. “Even if the unemployment rate is low, this is not always a positive aspect, as workers ‘travel’ from one company to the other. It’s harder to get good people on board and there is a war for talent in the city,” said the Continental Automotive Romania head. This is indeed Timisoara’s main vulnerability, added Monica Biota, partner assurance with PwC Romania and head of the company’s office in Timisoara. “It makes employment difficult and drives up salary costs, making the region less attractive for investment in sectors with high labor intensity and low added value. Also, as the existing multinational companies provide many well-paid jobs, entrepreneurial drive in the region is weaker than in other regions of the country, especially Transylvania,” she told BR. Sandor agrees that Timisoara’s
FOCUS 5 “Even if the unemployment rate is low, this is not always a positive aspect, as workers ‘travel’ from one company to the other. It’s harder to get good people on board and there is a war for talent in the city” Christian von Albrichsfeld main problem is the fact that it can’t meet demand for workers. “This applies not only to IT but also to service centers, engineering and so on,” he commented. In order for this issue to be addressed it is crucial to ensure interregional mobility by making Timisoara better connected to neighboring cities such as Arad, Lugoj, Resita and Deva and for universities to attract more students, he believes.
What the future holds Since the early 90s, Timis has seen massive investments in manufacturing, especially for the industrial sector, and the trend will continue, predicts Horatiu Pirvulescu, the director of EY’s Timisoara office. And automotive companies in particular are expected to continue to invest in expanding their local footprint. “Existing firms have significantly extended their production capacities
while new names are looking at the market. Generally speaking, production companies – safety equipment, medical equipment, etc – are the first to come and then service companies will follow,” he told BR. While manufacturing will continue to expand, the areas around Timisoara and Arad will see considerable growth coming from the agricultural and food production industries, thinks Biota. This will be due to the large farms present in the area and a growing tendency to process the crops locally in order to obtain higher value-added products, she noted. Indeed, the county’s farming potential has already attracted players the size of Smithfield. “Banat (e.n. the region Timis is part of) has always been, historically, a very important farming region in Romania,” Cristina Bodea, sustainability director of Smithfield Romania, told BR. The
company bought the Comtim farming center 16 years ago and has since invested some USD 600 million locally in swine farms and production facilities. It is now one of the main companies in the county. Smithfield Romania now manages, directly or through partnerships, 50 swine farms in Timis County. It also produces animal fodder and owns one of the largest local swine abattoirs. The availability of farmland and the region’s tradition in animal rearing were important factors in the decision to invest in Timis, but so were the quality of the local workforce and the presence of local experts, added Bodea. In addition to areas like IT, engineering and agriculture, Sandor also believes that there is still plenty of room for growth for entrepreneurs in the area. Some corporations have reached a dominant position in terms of contribution to the local GDP and share of local employment while there are too few large local companies. This risks making the local economy too dependent on foreign companies, he thinks. “I believe that on the long run, the sustainability of a city like Timisoara must come from local business and local companies,” he concluded. simona.bazavan@business-review.ro
PARTNER CONTENT
Setting up a local presence to deliver personalized attention by Edouard Millot, Partner, Finexpert Why have you decided to open an office in Timisoara? First of all we analyzed the interest areas for investment throughout the country. at the same time, after 11 years we gathered an important portfolio of clients located in the Western part of the country and, to be as close to them as possible and answer to their requests, we decided to open an office in Timisoara. In our industry proximity is an important factor. Moreover, companies that have grown over the past years need more and more specialists on various problems, and their issues become increasingly delicate as their turnover grows. Based on this observation we decided to propose the same services in Cluj. When was the office set up and how has it evolved over the years (in terms on number of employees, number of clients, revenues, etc)?
accounting and payroll services. But our clients in the area will benefit from our complete services offer (taxes, audit, consultancy) through our Bucharest team. When it is needed, or upon the client's request, we can also go to their headquarters. At the same time, our training and team support system is provided from Bucharest.
We started last year through a collaboration with a local company. It is important to work with people on the ground, who know the local business environment. We already have a team of 7 people dealing with a portfolio of about 40 clients. It is a promising start for us. What services do you provide in Timisoara? The local team is dedicated, at least up to a certain volume of activity, to
What are the main reasons for which a company should consider investing in Timisoara? A walk through Timisoara is enough to convince one it is a dynamic area. Many buildings are being constructed, the entire city is being refurbished and a quick visit at industrial parks allows us to see many top local and international companies. And a number: the unemployment rate in Timisoara is 1.5 percent! Furthermore, when your ambition is to cover the entire country, as it is our case,
you start by being present in the main cities for business and Timisoara is definitely one of the main ones. What have been the most dynamic local industries over the past years and what do you think will drive further growth for the city? From our point of view, the situation in Timisoara reflects well the general dynamic in the country. The automotive production, agriculture and IT are three very active areas. Maybe specifically for Timisoara and the Western part, we can notice the important presence of transport-logistics companies, especially between Timisoara and Oradea. Probably this focus comes from the need for quick access to the European highways network starting in Hungary, avoiding the weak road infrastructure in the rest of the country. We shouldn't also forget about the benefits of an advantageous fiscal framework.
www.business-review.eu BR Local Investment | October 2014
6 FOCUS
RANK
Top 20 companies in Timisoara COMPANY
1
CONTINENTAL AUTOMOTIVE PRODUCTS SRL
YEAR OF REGISTRATION 1998
ACTIVITY AREA
RON TURNOVER 2012
RON TURNOVER 2011
9 Avram Imbroane St., Timisoara, Tel.: +40356404211, www.continental-corporation.com
Manufacturing of tires and air chambers, retreading and remaking of tires
2,376,683,119
2,224,673,603
1,420,700,351
1,139,142,245
CONTACT
2
CONTINENTAL AUTOMOTIVE ROMANIA SRL
2000
1 Siemens St., Timisoara, Tel: +40256251505, www.continentalcorporation.com
Other financial transaction activities Manufacturing of electric and electronic equipment for vehicles and vehicle engines
3
PROFI ROM FOOD SRL
1999
31 Calea Sever Bocu, Timisoara Tel: +40256244100, www.profi.ro
Retail trade of food, beverages and tobacco products
1,155,745,855
934,039,541
4
TRW AUTOMOTIVE SAFETY SYSTEMS SRL
2004
16 Macin St., Timisoara, Tel: +40256236100, www.trw.com
Manufacturing of parts and accessories for cars and car engines
886,361,772
878,392,258
5
SMITHFIELD PROD SRL
2004
Meat production and conservation
744,901,874
572,703,369
6
SMITHFIELD FERME SRL
2000
697,598,893
551,803,463
7
CONTITECH ROMANIA SRL
2002
2 Otto Rudolf St., Timisoara, Tel: +40256301514, www.contitech.ro
Manufacturing of parts and accessories for cars and car engines
689,122,632
646,344,364
8
SOCIETATEA COMERCIALA ENEL DISTRIBUTIE BANAT SA
2002
3-5 Pestalozzi St., Timisoara, Fax: +400372874138, www.enel.ro
Electricity distribution
603,162,327
585,775,612
9
LINDE GAZ ROMANIA SRL
1996
9 Avram Imbroane St., Timisoara, Tel.: +40256300700, www.linde-gas.ro
Industrial gas production
471,511,500
437,597,916
KROMBERG & SCHUBERT 10 ROMANIA TI SRL
1999
1 Otto Rudolf St., Timisoara, Tel: +400256308400, www.kromberg-schubert.com
414,872,708
360,789,334
11
KATHREIN ROMANIA SRL
2000
362,747,052
288,759,340
12
JOHNSON CONTROLS FABRICS ROMANIA SRL
2007
318,020,548
252,556,381
13
AEM SA
2007
26 Calea Buziasului, Timisoara, Tel: +40256222200, www.aem.ro
279,910,046
258,532,296
14
FLEXTRONICS ROMANIA SRL
1998
Calea Torontalului, Timisoara, Tel: +40256303500, www.flextronics.com
257,817,938
207,076,079
15
ALCATEL - LUCENT ROMANIA SRL
1991
9 Gheorghe Lazar St., Timisoara, Tel: +40256303100, www3.alcatel-lucent.com
255,144,070
328,377,251
16
CONFORT SA*
1991
11 Enric Baader St., Timisoara, Tel: +40256434575
Manufacturing of instruments and devices for measuring, checking, control, navigation Manufacturing of electronic subassemblies (modules) Telecommunication activities via cable networks (exclusively via satellite) Construction works for roads and highways
254,701,239
525,731,236
17
LIEB-BENZOIL COMPANY LTD SRL
1993
64 C Divizia 9 Cavalerie St., Timisoara, Tel: +40256288770, www.liebenzoil.ro
Wholesale of solid, liquid and gas fuels and of derivative products
217,732,584
180,902,385
18
COMPANIA LOCALA DE TERMOFICARE COLTERM SA
2004
4 Episcop Joseph Lonovici St., Timisoara, Tel: +40256435724, www.colterm.ro
Steam and air conditioning supply
190,037,330
208,532,946
19
MAHLE COMPONENTE DE MOTOR SRL
2005
Calea Aradului DN69, Timisoara, Tel: + +4025265630, www.mahle.com
Manufacturing of parts and accessories for cars and car engines
172,366,198
125,291,032
20
TIR EXPRESS SRL
2008
1-3 Vasile Loichita St., Timisoara, Tel: +40256474146, www.tirexpress.ro
159,866,996
136,780,384
4 Polona St., Timisoara, Tel: +40256400400, www.smithfield.ro 7-9 Cetatii Boulevard, Timisoara, Tel: +40256278800, www.smithfieldferme.ro
1 Prof. Anton Kathrein Entrance, Timisoara, Tel: +40256290565, www.kathrein.ro 2001Calea Sagului DN 59, Timisoara, Tel: +40356433821, www.johnsoncontrols.ro
Swine farming
Manufacturing of electric and electronic equipment for vehicles and vehicle engines Manufacturing of communication equipment Manufacturing of textile products
Road transport of goods
Companies are listed according to their 2012 turnover. The financial information is provided by the National Trade Register Office (ONRC). *According to media reports, the company entered insolvency proceedings in October 2012
www.business-review.eu BR Local Investment | October 2014
7
PARTNER CONTENT
Our objective remains to identify and support as many Romanian projects as possible by Traian Halalai, EximBank
President of EximBank, Traian Halalai, says that the main objective of the bank remains in the area of granting support to as many Romanian companies‘ projects as possible, the bank having both the capacity and the availability to back up the business environment in its efforts of achieving relevant performances. Rep: Which are the main strategic directions that EximBank will follow this year? Traian Halalai: We have managed to improve our products’ offer in a very short time and we will continue to pursue this direction so that EximBank can become a very good provider of high quality financial products. We have been strengthening our team working for products development and we have noticed that after a period when financing and guarantees have been the main interest areas for companies, EximBank is now starting to be noticed also on the segment of additional financial services such is cash management for instance. As main business lines we will be focusing on supporting production activities and the companies having this core business will represent a group of clients that will benefit form our increased attention. We will continue of course to support and promote the interests of exporting companies as well, keeping our main objective to identify and support as
many companies’ projects as possible. For instance in 2013, the bank has developed its clients’ portfolio by concluding financial agreements with some of the most representatives players in the economy such as Alro, Grup Servicii Petroliere, Adrem Invest, Antibiotice Iasi, Agricover IFN, Astra Vagoane Calatori, Romcab or Aquila Group. We have improved our commercial activity – the total new exposure has reached an approximate of 450 Mil Lei after the first half of the year out of which 90% have been directed towards financing the companies. Also the net credits portfolio has increased by 24% as compared to the end of 2013 and the bank’s assets have increased by 244 Mil Lei. These increased financial indicators show that we have been a continuous presence on the corporate financing segment and I find this as a strong point in favor of convincing local companies that they do not have to wait for the perfect conditions for developing their businesses but they could approach us and find the best ways to support their plans. Rep: What strategy will EximBank have for convincing businessmen that might be their valid partner? Traian Halalai: We are trying to be in permanent contact with our partners and this is why continuing our communication program with the business community represents an important topic on our agenda. We are now involved in a direct communication program with the businessmen – that will continue this year – and we have been organizing meetings with the local business communities. We are convinced that on the long run, the most successful banks will be the ones that, by knowing closely the clients, will be offering <tailored to the clients’ needs> solutions. Knowing your business partner is a natural step for any company considering that the more information available makes it easier for the entrepreneur to identify new opportunities for business development and to decide upon starting a partnership. It is also the direction that EximBank is following and the meetings we have had with the business communities in the country are part of this strategy. Our message for the local entrepreneurs
is that we are ready to answer to the business environment needs, we have the necessary funds and are open for financing or guarantee the companies’ projects with multiplying economic effects. Rep: EximBank has been involved in launching the Romanian Exporters Associations. What does this association offer to Romanian exporters? Traian Halalai: Romanian Association of Exporters – AREX represents another channel for EximBank to fulfill its role as per the provisions of its bylaw – supporting Romanian business environment and the international transactions. Exporters need more than ever to be supported in order to face challenges on the foreign markets. Why AREX? Any company needs investments and this economic principle applies to local exporting community which has to invest in itself should it want to be successful.
During last years, the investments in this domain have decreased and exporters believe they are facing a gap in terms of association and representation. This is why they have decided to join AREX which is an alternative for the exporters wanting to connect more rapidly to markets and information because it places the focus on networking and know-how transfer from the experienced exporters to the ones looking for a more consistent external presence. AREX will offer to its members access to information regarding business opportunities outside Romania, will facilitate the participation in various international business events and/or official economic visits and will create the framework for developing a business and communication network. The association is up and running, has over 100 members – including companies in Timisoara – and any exporting company may become a member with no financial contribution.
EximBank Timisoara, the necessary stop over for developing businesses EximBank Timisoara has as main objective supporting one of the most dynamic local economies in the country by its whole product portfolio focused on three business pillars– financing, guarantees and insurance as well as by its treasury, cash management and trade finance services. The financing package of the bank includes both standard credits for current activity or investments and specific products in the category of state aid products: subsidized interest rate credits and partial interest rate compensation that allows the company to recover up to 50% of the interest rate paid for the investment credits granted by the commercial banks. State guarantees offered by EximBank support the companies that need financing but can’t provide enough collateral guarantees. Guarantees issued by EximBank take over a significant part of
the credit associated risks thus facilitating the access to financing. In terms of insurance, EximBank covers the commercial and political risks that may incur during international commercial transactions or in the implementation of investment projects of Romanian companies abroad.
Additional details: EximBank Timisoara 21, Simion Barnutiu Street timisoara@eximbank.ro