Romanian Market Spotlight:
After suffering a series of setbacks as it transitioned into a market economy, Romania's growth has accelerated1, driven in part by strong industrial exports, with forecasts for annual average real GDP growth of 3.7% through 2018. Exports also are forecast to continue their upward trend, rising to US$106.9BN in 2018.2 To support that growth, the Romanian government has adopted policies to diversify its trade base and in 2013 opened commercial representation offices in Vietnam, Indonesia, Brazil and Mexico. Turkey and Hungary rank in Romania's top five traditional export markets. Leading export commodities include vehicle & transport equipment (41 percent of exports); other manufactured goods (33 percent); raw materials (7 percent); food, beverages, tobacco (6 percent); chemicals (6 percent); and fuel & lubricants (5 percent).
Citi Commercial Bank (CCB) Romania works closely with in-country affiliates of foreign companies and mid-sized Romanian-based businesses that are expanding domestically or into overseas markets. CCB's combination of global reach and local expertise gives clients who are conducting business across Romania's borders a distinct competitive advantage. Its commercial banking solutions enable clients - particularly those in the complex and demanding supply chains of multinational corporations - to better manage risk, improve cash flow and realize other benefits that help them improve their financial performance. Moreover, CCB clients have access to dedicated, experienced Relationship Managers, who have a deep understanding of the business and banking environments in their countries and in nations around the world, including many of Romania's top and emerging trade partners.
1 Country Report: Romania. Economist Intelligence Unit. 2014
2 Romania to open commercial representation offices in Vietnam, Indonesia, Brazil and Mexico. ActMedia Romanian News Agency. April 19, 2013
"We had the power to maintain our business through the tough times that followed from 2008 onwards. We would like to thank the entire Citibank Team for the trust placed in us, for the advice received throughout that time, and for an impeccable working relationship!"
- Industrial machinery manufacturer
About Citi Commercial Bank Romania
Citi opened its first office in Romania in 1996 as one of the first international banks offering financial services in the country. Today, as the only global financial institution in the market, CCB Romania serves mid-sized clients from offices in Bucharest, the capital city and Romania's economic and industrial center; Brasov, a diversified industrial city; Cluj, the leading software and Information Technology hub; andTimisoara, a high-tech center.
CCB Romania Country Business Head
Mr. Vrhel was appointed to his present position in 2014. His career with Citi started in 2004 and over the course of the past ten years he has held several relationship management and leadership roles. Most recently, Mr. Vrhel served as CCB Small Market Enterprises (SME) Head for the Czech Republic and prior to that had successfully led the CCB Middle Market Enterprises (MME) department. His responsibilities included business coverage of SME as well as top MME clients.
"Citi Commercial Bank is a reliable thought partner for companies as they continue to broaden their reach across key urban centers in Romania and abroad. We are strongly committed to utilizing Citi's unique global capabilities to help our clients in Romania achieve their business ambitions."
- Ivan Vrhel