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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 99, December 20th, 2007

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Romanian Insurance Market Awards
INSURANCE PROFILE
  EDITORIAL


The year of Pillar III


The "battle" for the signature collection for mandatory, Pillar II, pensions is reaching its final queue, as it will probably intensify just before the 17th of January 2008 when the employees get back from their holidays. The rankings will probably go more or less untouched.

For the connoisseurs, the "struggle" to conquer the "vital space" in this pillar is very much like the ones that are held, each year, on the (non)profitable MTPL's turf.
Thus, the advertising was just as aggressive, and the fees awarded to the marketing agents were increasingly higher and... tempting (the only things missing were lotteries and prizes - both explicitly forbidden by the supervisory commission -, in order for the similarities to continue).

On the other hand, the steady growth registered on Pillar III, similar to the growth of the Motor Hull products, gives me reasons for hope in what concerns the future of Romanian pensions.

Considering all of the above, and because we are approaching the end of this year, we can only say goodbye to 2007 - The Year of Pillar II (MTPL) and we should welcome 2008 - The Year of Pillar III (Motor Hull).

At the end of editorial, and year, on behalf of myself and my colleagues, I wish you

Merry Christmas and A Happy New Year!

by sergiu.costache@mxp.ro

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MUNICH Re
WILLIS

BCR Asigurari de Viata
ASIBAN
ASIGEST

ASIGEST Agri

MICROSOFT
OMNIASIG Asigurari de Viata
 
ASIBAN
FADATA
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA & CIS | FINANCIAL NEWS
 INTERVIEW

 

Interview with Mr. Ion Daniel LACUSTEANU,
Vicepresident,
EUROBROKERS

XPRIMM: What are the major achievements of EUROBROKERS in 2007?
Daniel LACUSTEANU:
EUROBROKERS is closing up a year marked by many events and notable achievements! Above all, I would point out the excellent trend of the life insurance segment which grew up 50% this year. Second of all, we have to mention the growing number of our active collaborators that went up 34% from last years' figures.
In a company developed on a MLM system basis this number is very important.
And third, we talk about a 30% growth in turnover for EUROBROKERS. This essential aspect for the company development was more obvious in the second half of the year, when the turnover really had a spectacular evolution.
Last but not least, another two major accomplishment are to be put on this list: a central office of the company opened in Otopeni and a new strategic partnership for life insurance with GENERALI, besides the successful one that we already have with AIG Life.

XPRIMM: EUROBROKERS has recently set up a partnership with GENERALI on the private pensions market. Which are the results of this cooperation so far, three months after the launching of the collection period?
D. L.:
Indeed, EUROBROKERS - Broker de Pensii Private, part of EUROBROKERS Holding has initiated a partnership with GENERALI private pensions' fund, "ARIPI". The results are very good so far, as we reported 46,000 adhesions in the first two months.

XPRIMM: In summer 2007 EUROBROKERS moved in the new central office in Otopeni. How was the company influenced by this more direct connection with the business environment in Bucharest?
D. L.:
This issue has not been yet translated in figures. For sure, we are much closer now to our partners. Many of the contacts established by phone or by attending different events that bring the ones creating and developing the insurance market all together have now been replaced by direct meetings when the parts can debate undisturbed or constrained by time, all aspects of a partnership.

XPRIMM: What would be the objectives of EUROBROKERS for 2008?
D. L.:
We targeted many objectives for 2008 and I will enumerate them, as I cannot settle an order of priorities yet. So, we want to grow the professional level of our consultants in order to improve the technical and financial performance, to identify the competitive advantages in the insurance brokerage market, to serve even more professional the clients so they would feel EUROBROKERS more close to their interests. We also aim to strengthen our presence in some strategic areas by opening new units as well as going up three places in the insurance brokers' top. Of course, any of the above mentioned objectives might be changed depending on the future context of the insurance market and its evolution, but we are ready to adapt ourselves to any new situation that might show up in 2008. We now have more experience, more training and more financial resources to make out of 2008 a very important year in our company's history, as we also expect it to be the year we step foot in Europe.
What we want the most from 2008 is to open at least one unit outside Romania by the end of the year.

XPRIMM: What are your estimations regarding the Romanian insurance mediation market evolution in 2008?
D. L.:
What we expect for this market in 2008 is an evolution in line with the Romanian brokers' estimations: at least 40% of the total underwriting to be made by mediation companies, meaning half of the European average. And this is how it is going to be!

XPRIMM: Thank you!

by mihaela.circu@mxp.ro

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Ion Daniel LACUSTEANU
Mr. Ion Daniel LACUSTEANU,
Vicepresident,
EUROBROKERS

Competitive Distribution Strategies For The Insurance Sector MEDICOVER
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA & CIS | FINANCIAL NEWS
 TOP PRESS

World Bank supports the establishment of a Regional Pool
"World bank supports the idea of establishing a Catastrophic Pool whose members to be Romania, Bulgaria, Macedonia, Serbia and Albany", Eugene GURENKO, Senior Insurance Specialist, World Bank, stated during the Catastrophic Risks Conference, who took place in Sofia. PRIMM-Insurance&Pensions Magazine was Media Partner for this event. Moreover, World Bank the official of emphasized that his proposal takes into consideration that in some cases it's an advantage for small countries to gather resources. Thus, countries from Balkans have a 1 - 2% capacity to cover damages from catastrophic risks. For example, World Bank estimates that in Sofia, in case of a earthquake, the damages may reach USD 2.5 billion and in case of a national span earthquake the authorities will spend approximately 18% of the Gross Domestic Product to cover the damages, a negative impact on the country's economy.
A survey of the Ministry of Environment and Sustainable Development highlights that in Romania the value of the average annual losses calculated for residential buildings caused by flooding is approximately EUR 20 million. In case of earthquakes the total residential exposure is approximately EUR 105 billion.
"World Bank wishes to assist countries from Balkans in organizing a management scheme of catastrophic risks", Eugene GURENKO concluded.
The association of Insurers from Bulgaria has proposed 2 solutions for managing the catastrophic risks: either the establishment of a insurance company exclusively controlled by the state as the Bulgarian Insurance Agency of Exports, or creating a National Catastrophic Pool.
In Romania, the debates regarding the introduction of the compulsory dwelling insurances started 10 years ago. The adoption of the draft regarding the compulsory dwelling insurance has imposed because Romania is one of the European countries with high exposure to natural disasters especially earthquakes and flooding.
As concern the adoption of this law in Romania, the Permanent Bureau of the Chamber of Deputies approved on 10th of December 2007 the date until the Committee for Budget, Finance and Banks can send the Report concerning this normative act. The deadline is 15th of February 2008.
by alexandru.ciuncan@mxp.ro
and oleg.doronceanu@mxp.ro, 17.12.2007


An amicable report from the 1st of July 2008
The procedure of amicable report in case of car accidents without victims will be applied most likely from mid year.
"In the following period, Insurance Supervisory Commission will draw together with the insurance companies the Norms for the application of the amicable report and thus this to come in force starting with the 1st of July 2008", Angela TONCESCU, President of Insurance Supervisory Commission, has declared.
The Law no. 136/1995 regarding insurances and reinsurances in Romania has been recently modified. Some regulations concerning the parties' agreement in case of car accidents with damages were included.
So, in these cases the insurance companies are informed through a standard form called "amiable ascertain of accidents", which contains the circumstances of the accidents, the personal data of the cars involved in accident and of the drivers.
The Police's report minutes are still in force so the drivers may opt for one of these two forms.
by mihaela.circu@mxp.ro, 13.12.2007


750,000 adhesions to ALLIANZ - TIRIAC
ALLIANZ - TIRIAC Pensii Private has gathered by now 750,000 signatures for the compulsory pension fund AZT Viitorul Tau. The company's representatives estimate that it will surpass its initial objective of 800,000 participants until the end of the adhesion period as consequence to direct sale.
In the last two weeks, 88,186 participants signed for the AZT Viitorul Tau, adding to those 665,832 participants who has already opted for it, after the 5 bimonthly reports of the Supervisory Commission of Private Pension System. Thus, ALLIANZ - TIRIAC Pensii Private gathered 754,000 signatures.
"Until the end of the adhesion period, we estimate to exceed the number of 800,000 participants, our initial objective, as consequence to the direct sale. After the phase of randomly distribution of those who haven't chosen a compulsory pension fund between 17th of September 2007 - 17th of January 2008 period ends, it's possible to register more than 1 million participants", Crinu ANDANUT, CEO of ALLIANZ - TIRIAC Pensii Private has declared.
After the first five bimonthly reports of the Supervisory Commission of Private Pension System, ALLIANZ - TIRIAC Pensii Private has a 25.6% market share.
by liviu.huluta@mxp.ro, 18.12.2007


EUR 370 million from motor third party liability
After the first nine months of the year, the Romanian motor third party liability market values almost EUR 370 million. On the analyzed segment, the nominal growth in European currency exceeded 32%. The MTPL insurance represent almost 23% of the market, while the first ten companies in MTPL Top registered 93% of the total written premiums. OMNIASIG, ASIROM and ALLIANZ - TIRIAC, in this order, are the first three companies on MTPL market.
The complete results of the Romanian insurance market, one can read in Insurance PROFILE Review No. 4/2007.
by alex.rosca@mxp.ro, 18.12.2007


The results of the first 3 months for Pillar II in Romania
On 17th of December 2007, the last report of the compulsory pension fund was released. "There are 316,965 signatures at the private pension funds, but the number may decrease after the canceling of the multiple adhesions", Mariana CAMPEANU, President of The National House of Pensions and Other Insurance Rights, has stated.
ALLIANZ - TIRIAC Pensii Private has reported 88,186 adhesions from the last report, reaching 754,018 participants. ING Fond de Pensii registered 85,901 adhesions, totalizing 961,773 participants. On the third place is GENERALI with 32,191 adhesions, meaning almost 276,000 participants in whole.
On the one hand figures show that most of the funds have kept their market share and on the other hand the rhythm of adhesions fell slowly in the last period. The complete results registered by the pension funds on Pillar II are available on www.pensiileprivate.ro, financial results.
by liviu.huluta@mxp.ro, 18.12.2007


OMNIASIG aims a EUR 12 million profit in 2008
The insurance company OMNIASIG VIENNA Insurance Group aims EUR 12 million profit in 2008, in condition of EUR 300 million written premiums volume. According to President - General Director of company, Constantin TOMA, the most profitable business line will be the industrial insurances like property, liabilities and Cargo.
"We hope by the end of 2008 to obtain profit inclusive from motor hull", Constantin TOMA has explained. He is concerned by the claims increase on motor insurances segment, which affects the whole insurance market.
"Never mind the insurance industry will exceed EUR 2 billion at the end of 2007 in the context of a low profit obtained by insurers", the quoted official has added.
"Next year, we count on the professional team to continue the healthy growth of the company", TOMA concluded the interview taken by XPRIMM Publications.
Foe the end of the current year, OMNIASIG forecasts an amount of RON 800 million gross written premiums. Thus, the growth registered by the company is around 49.2% while at the end of 2006 it obtained RON 536 million gross written premiums.
by mihaela.circu.@mxp.ro
and alexandru.ciuncan@mxp.ro, 14.12.2007



The pension market's concentration, inevitable?
On 17th of January 2007 when the adhesion period ends, the Romanian pension market will face acquisitions and mergers. The Supervisory Commission of Private Pension system will soon establish the legislation as this process to occur in normal conditions.
"At present, we have debates on the norm regarding the acquisitions and mergers. This will submit to a public debate in the first two months of the 2008", Mircea OANCEA, President of The Private Pension System Supervisory Commission has declared.
Until these norms come in force, no pension fund can put it for mergers or acquisitions. At present, 18 private pension funds are authorized and half of them reached 50,000 participants, this being the minimum number imposed by law. Those funds which obtain performances below average will most likely be taken over by powerful administrators from the market or from outside the market.
In other countries the concentration of the market happened quickly. In Hungary the system was implemented in 1998 and started with 38 administrators. In 2002, the Hungarian pension market numbers 19 operators. The same happened in Poland where in 2001 there were 21 pension funds and in 2004 only 15 operate.
It's very hard to believe that the situation will be different in Romania when there are funds with fewer adhesions. We'll see...
by liviu.huluta@mxp.ro, 11.21.2007


OMNIASIG estimates business of RON 800 million
The insurance company, member of VIENNA Insurance Group, estimates a volume of RON 800 million gross written premiums at the end of 2007. Thus, it registered a 49.2% growth comparing to 2006 when the premiums reached RON 536 million.
The Group's business in Romania accounts for RON 1 billion. Moreover, at the mid December 2007, the shareholders of OMNIASIG will discuss the growth of the share capital with EUR 30 million.
"This measure is needed as to maintain the solvency margin at all Group's companies according to norms in force, taking into consideration the increases registered by the business", Constantin TOMA, President and General Director of OMNIASIG, has declared. Thus, in the following period, at UNITA and OMNIASIG a capitalization will occur.
In the first 9 months of 2007, OMNIASIG underwrote RON 617.73 million premiums, with 68.34% more than the similar period of last year.
In the same period, the insurer increased its profit with 20% compared to the analyzed period of 2006, to RON 18.4 million, due to the growth of underwritings and to a high prudence in risks' evaluation.
The most significant growth of 116.34% was obtained between January and September 2007, on insurance for terrestrial means of transport other than rail segment, the premiums reaching RON 270 million.
by mihaela.circu@mxp.ro, 11.12.2007



EUROBROKERS expands in Europe
EUROBROKERS Group, Romanian insurance and pension brokerage company, intends to expand in Europe.
Thus, by the end of 2008, the company wants to open at least one Agency in another country from the old continent.
"We have much more experience, more financial and human resources as to make 2008 the year when we "step in Europe", Ion Daniel LACUSTEANU, Vicepresident of EUROBROKERS Group has stated.
The expansion of insurance activity abroad as result to the evolution and increase of professionalism of the Romanian profile market, is more wanted by the Romanian insurers.
AIG Life, AIG Romania and CITY Insurance has already received the approval of the Insurance Supervisory Commission to operate in other European countries. The approval of operating on other European countries for ASITO Kapital, ASITRANS and ASTRA - UNIQA is pending, according to Angela TONCESCU, the President of the supervisory authority.
This way, AIG Romania intends to lauch its activity in Slovakia and Bulgaria, CITY Insurance in Italy and ASITRANS, with its new shareholders, EUROINS Bulgaria, will open a branch by the end of the year in Hungary.
by mihaela.circu@mxp.ro, 14.12.2007

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WILLIS
Jacob Fleming
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA & CIS | FINANCIAL NEWS
 CEE, RUSSIA & CIS


Bulgaria to introduce compulsory dwellings insurance against earthquakes
Bulgarian authorities intend to introduce the compulsory dwellings insurance against catastrophic risks.
The issue was closely debated at the national round table on catastrophic risk management, which has taken place recently in Sofia, under the patronage of the Prime Minister Sergei STANISHEV.
The event, organized by INSURANCE.BG and National Program for Catastrophic Risk Management Initiative, has gathered over 150 participants, including ministries officials, economists, scientists and insurers, as well as 40 media representatives.
PRIMM - Insurance&Pensions Magazine was Media Partner of the event.
Two have been the suggested scheme models offered at the round table, one made by the National Program for Catastrophic Risk Management Initiative and the other - by the Association of Bulgarian Insurers. Both models include compulsory dwellings insurance against earthquakes with a possibility for risk of floods to be included. Both, the Initiative and the Association, place most of the importance on the state participation in the suggested public-private partnership.
Mr. Roumen GALABINOV, CEO of the Initiative, has said that the owners of all homes should insure their property, which will base the model on the solidarity principle and thus allowing for the premium to be the lowest possible.
The model, suggested by the Association, offers the amount of a supplementary dwellings tax, covering nat cat risk, to be 1% of the taxation assessment of the immovable property. The collected revenue will insure the homes against earthquakes as well as against floods. All mentioned above means that if the average Sofian home is assessed to be worth EUR 51-61 thousand, the annual tax against disaster will come up to EUR 51-61 and in the smaller settlements, where homes are worth EUR 5-6 thousand, the owners will pay EUR 5-6 per year.
The designers of the model suggest the supplementary tax to be collected by the National Tax Collection Agency alongside the other taxes. Mr. Orlin PENEV the chair of the Association of Bulgarian Insurers, has estimated that the new tax collections will accumulate EUR 10-35 million, based on the statistics that there are 3.8 million homes in Bulgaria, of which 2.4 million are built in towns.
At the same time, World Bank can assist Bulgaria in the organization of a catastrophic risk management scheme, Mr. Eugeni GURENKO, lead insurance and risk management specialist, World Bank, has said. Beforehand, however, many preliminary assessments and estimates have to be made.
He has also spoken of the possibility that Bulgaria, Macedonia, Serbia, Albania and Romania could pool resources together. "Sometimes it is better for the smaller states to pool common resources", noted him. Balkan countries have 1-2% readiness to deal with damages caused by natural disasters and accidents. World Bank prognoses show that if an earthquake strikes Sofia, the losses will amount to USD 2.5 billion. And if the whole of Bulgaria suffers a major earthquake it will have to spend 18% of GDP on repairs and damage coverage, which will have more than a negative impact on the economy.
Prevention has been the key word in the presentations of all scientists to have spoken at the round table
"As a preventive measure, from 2008 on all municipalities, ministries and state institutions will put aside 4% of their capital expenditures to be spent on prevention activities against natural disasters", noticed Vesselin UZUNOV, Chair of the Parliamentary Commission of State Policy for Accidents and Disasters,. The text is already part of the Law on State Budget. "Prevention activities" are, however, yet to be defined.
by INSURANCE.BG, 6.12.2007


GDII enters Russian motor insurance market
The Netherlands-based Global Direct Insurance Investments B. V. (GDII) is planning to enter the Russian direct insurance market in 2008, focusing on compulsory MTPL and motor businesses. For that purpose, in 2006, GDII acquired a 99.39% stake in Samara-based insurer ENERGOPOLIS that has not carried out insurance operations lately, and invested over EUR 11.2 million in its development, Viktor LISIN, Head of the Insurance Supervision Department in the Volga region, has said.
The competitive advantages of the new company will be a 20% reduction of prices for insurance policies and the non-use of insurance agents.
GDII's Deputy Director for Public Relations Sharon KHARAN has his company's plans to develop ENERGOPOLIS as a platform for the implementation of GDII's projects in Russia. The main aim of investments is "to support the company on the initial stage of development", added KHARAN. GDII intends to use in Russia the similar experience it has gathered in Poland. The Polish company LINK4 took 7% of the local motor insurance market within three years after being purchased by GDII.
GDII has been managing the operations of the Israel-based Direct Insurance Financial Investments (DIFI) outside Israel - Poland, Russia and Czech.
by RP Newsline, 14.12.2007


GENERALI was granted to purchase CZECH Insurance Company
The Russian Federal Antimonopoly Service (FAS) has permitted Italy-based GENERALI to purchase the Russian assets of the PPF Group - CZECH Insurance Company and the insurance broker FINANCIAL Service, according to Julia BONDAREVA, Head of Control and Supervision Department of the Financial Services, FAS.
GENERALI and PPF Group agreed to establish a joint venture on July 10, 2007. GENERALI is due to pay EUR1.1 billion for a 51% interest. PPF Group and GENERALI will transfer assets of the new joint company at a value of EUR3.6 billion and EUR1.5 billion respectively.
Also, GENERALI acquired from PPF a 49% stake in PPF BETA, that controls through three Russian companies (VEGA, New CAPITAL and the INVESTMENT Initiative) 38% of INGOSSTRAKH, one of the leading insurance companies on the Russian market.
Recently, these companies challenged in court the decision of assembly of shareholders of INGOSSTRAKH about increasing in the capital as a result of which the share of PPF BETA can be considerably minimized.
GENERALI was established in 1832 and is one of the most significant participants in the global insurance and financial products market, operating in 40 countries. In 2006, GENRALI wrote EUR 64.5 billion in insurance premiums.
PPF Group is an international financial group headquartered in Prague. The group's co-owners are Czech financiers Petr KELLNER with a 95% stake in PPF Group N.V. and Jiri SMEJC with a 5% stake. The company's assets amount EUR 8 billion.
by oleg.doronceanu@mxp.ro, 14.12.2007


EUR 140 million for the non-life insurance market of Belarus in nine months
In the first nine months of this year, the insurance companies from Belarus had subscribed EUR 140 million (non-life) and paid losses of EUR 72.3 million. In comparison with September 2006, the amount of premiums and losses increased by 19.1% and, respectively, 14.2%.
During these three quarters, on the insurance market of Belarus were activating on the non-life insurance segment 18 companies, with no numerical variation compared to the previous year. The first five companies had subscribed, during the analyzed period, 88% of the entire market, and the first ten, 98%. Thus, the Belarussian insurance market is very concentrated.
The leader company of the non-life insurance sector is BELGOSSTRAKH, with almost 60% market share. In September 2006, BELGOSSTRAKH's market share represented 61.9%. However, in comparison with the previous year, the amount of gross written premiums subscribed by this company increased by 14.9%.
The other players' market share does not outran 10%.
by irina.galasanu@mxp.ro, 19.12.2007



50% growth for the insurance in Moldavia
During the first three quarters of this year, the insurance companies from Republic of Moldova had subscribed an amount of gross written premiums of almost EUR 32 million, representing 50% as compared to the same period of 2006. Also, the Moldavian insurers paid losses of EUR 9.6 million.
In this period, on the Moldavian insurance market, were operating 33 insurance companies.
Compared to 2006, the Moldavian insurance market had become more concentrated. Thus, the market share of the first five companies (MOLDASIG, QBE Asito, CARTA, DONARIS-Group and MOLDCARGO) is 69%.
The two leaders of the Moldavian insurance market are MOLDASIG and QBE Asito, with almost 30% market share and, respectively 20,2%.
At the same time, the MOLDASIG registered an income of about EUR 740,000 and QBE Asito of EUR 641,000.
In the first nine months of this year, the Moldavian insurers' assets represented almost EUR 63 million, and the insurance reserves, EUR 25 million.
by irina.galasanu@mxp.ro, 20.12.2007

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RUSSIAN POLIS
biser
AUDATEX

Club ARO
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA & CIS | FINANCIAL NEWS
 FINANCIAL NEWS



Romania, highest growth in purchasing power in the EU
Purchasing power in Romania is among the lowest in the European Union, according to a study by the EU statistics office, Eurostat. Romania ranks 26th, followed only by Bulgaria, and has a purchasing power three times lower than the EU average.
However, the study goes on to say that Romania is one of the countries whose purchasing power growth pace is high. With four points of annual growth (2006 compared to 2005), Romania ranks fourth, outrun only by Luxembourg, with 15 points, and Norway and Estonia, with an annual growth of six points each. Thus, Romania secured 39 points in the Eurostat ranking, while the European average is 100 points.
by standard.ro, 18.12.2007


DEUTSCHE Bahn considering expansion to Romania and Poland
DEUTSCHE Bahn AG is considering to expand to Romania and Poland by creating a joint venture with JINDAL, an Indian steelmaker, according to a statement to Financial Times Deutschland by Norbert BENSEL, head of the Logistics Division.
BENSEL said that the DEUTSCHE Bahn railway group is interested in the Romanian privatization process, and expects state-owned logistics and transport companies to be sold for under EUR 100 million.
According to Financial Times Deutschland, DEUTSCHE Bahn is ready to invest over EUR 100 million in Poland, possibly in a joint venture with the Russian railway. "We are expecting a definitive answer in early 2008", added BENSEL.
by standard.ro, 18.12.2007


Romanian exports exceed EUR 2.78 bln
In October 2007, exports amounted to RON 9.35 billion (EUR 2.79 billion), up by 23.4% in EUR against the corresponding month of 2006, with imports totalling RON 16.71 billion (EUR 4.99 billion), according to estimates by the National Statistics Institute (INS), Rompres reports.
As compared to last October, exports picked up 17.2% in RON values (23.4% in EUR), while imports rose by 21.7% in RON and 28.1% calculated in the European currency. As against September 2007, October exports rose by 13.9% (RON value) / 12.8% (EUR), while imports by 20.7% in RON (19.5% in EUR).
In January 1 - October 31, 2007, exports amounted to RON 80.16 billion (EUR 24.253 billion), while imports amounted to RON 137.06 billion (EUR 41.47 billion). As compared to the corresponding period of 2006, a 5.6% RON increase was reported for exports (calculated in EUR, the increase rate was 13.2%), while imports rose by 18.6%, calculated in RON, i.e. 27.2%, calculated in EUR.
by costi.boroda@mxp.ro, 11.12.2007


Bucharest - 7th in Top 20 of expanding retail european destinations
Bucharest has climbed two positions, to 7th, in the standings of the top 20 destinations preferred by retail companies eager to expand their operations over the next five years, compiled by the Cushman&Wakefield real estate consultant company.
According to Mediafax, the study was conducted through interviews with representatives of 250 retail companies, from 19 fields of operation, in 23 states, including Romania. The research looked into retailers' view on international business expansion and the chief problems that affect their expansion plans. Bucharest is outranked by Moscow, which ranks tops in retailer preference, St. Petersburg (the 3rd place last year, Prague, 2nd in 2006), Bratislava, Ljubljana and Sofia.
by costi.boroda@mxp.ro, 14.12.2007

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XPRIMM Newsletters

THE EDITORIAL STAFF:

General Director: Sergiu COSTACHE Executive Director: Adriana PANCIU
Coordinator: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Editors: Vlad PANCIU, Oleg DORONCEANU, Mirabela POSTOLACHE, Andreea IONETE, Liviu HULUTA, Irina GALASANU, Vlad BOLDIJAR
Scientific Advisor: Daniela GHETU

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Mihaela CIRCU
e-mail:  xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2007 MEDIA XPRIMM

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