Citibank makes efforts to catch up

Citibank Romania, the local branch of the biggest financial group in the world – Citibank, is trying to catch up with rivals on the local market of funding for companies, being much more aggressive in its attempt to win clients. Citibank Romania granted or brokered the granting of a volume of funding worth some 130 million euros in the first quarter of this year, considered to be a slow season, given that the bulk of the loans come in the second half of the year. The American financial giant, by means of its local branch, will arrange a syndicated loan worth some 100 million euros for the pharmaceutical company A & D Pharma, say sources on the banking market. This funding is the largest in terms of value of all loans granted to companies this year. The money is to be used to expand the company”s operations in the retail and distribution sectors, and the company could even target acquisitions. A & D Pharma officials plan to enter the rural market this year with their own network. The quoted sources claim that Citibank Romania will also grant a loan worth 30 million euros to the electric power producer Hidroelectrica, which would be secured with firm energy acquisition and not with state guarantees, as had been common practice for the companies in the state portfolio. ZF