1.5m-euro acquisition on credit market

Victor Vacaru, son of former Social Democrat Party (PSD) senator Vasile Vacaru, has recently sold 40% in credit broker Direct Credit to the Dubai-based investment fund Scimitar, sources close to the transaction told ZIARUL FINANCIAR. Vacaru, 38, an electronics engineer, collected 1.5 million euros for the business, which he established early this year. After having sold the stake, Vacaru will retain a direct interest of 10.5% in addition to an additional 48% which he owns through his Universal Card Systems company, while the rest of the stock is held by other shareholders. Scimitar investment fund was already familiar with the credit brokerage sector in Romania. Direct Credit does not itself grant loans like Credisson does, but instead operates as an agent for banks inside retail networks. It works with banks such as Banca Comerciala Romana (BCR), Raiffeisen, UniCredit, Alpha Bank, Banca Transilvania and Banca Romaneasca. The consultants for this acquisition were the lawyers of Radu Taracila Padurari Retevoescu. Direct Credit estimates its turnover in 2006 to double to 15 million euros and its network to expand from its current 300 outlets to 500. Direct Credit works with local networks consisting of 3 or 4 supermarkets both in the capital and throughout the country. ZF