Cornel Coca Constantinescu, chairman of Romexterra Leasing, the financial leasing arm of Romexterra Bank, says the firm waited for the takeover process to end to apply the new shareholder's strategy.
"We've spent our time changing the strategy lately and we had to adjust to the changes in the shareholder structure. In such processes, as a rule, companies do not rush onto the market to sell their products, but they rather wait for the takeover process to end and then apply the strategy of the new shareholder," stated Cornel Coca Constantinescu.
Romexterra Leasing in the first ten months of this year financed contracts worth 17 million euros, less than the about 19 million euros registered in the similar period of last year. The company says it holds a market share of around 1%. Romexterra Bank and its units, Romexterra Leasing and Romexterra Finance, were taken over by MKB, a bank owned by Germany's Bayern LB credit institution in October. In the wake of the deal, MKB took over 55.36% in Romexterra Bank. Constantinescu said Romexterra Leasing would contract a refinancing loan worth 6 million euros from MKB Bank Nyrt this November.
"The loan is in fact the result of the finalisation of the takeover by Bayerische group through MKB. A total sum of 6 million euros will be released for Romexterra Leasing," added Constantinescu.
The company plans to invest at least 6 million euros in the next 2 months, which will be entirely used for vehicle purchase financing.
"The company's target is to place at least 6 million euros, plus the capital we own, by yearend. Overall, we want to release financing worth 8-9 million euros," Constantinescu also said.
This is the second loan Romexterra Leasing has contracted this year.
More than 60% of contracts included in the company's portfolio were signed for vehicle, as well as vehicle fleet acqui
