Ostahie sells 30% of Credex to Raiffeisen

Dan Ostahie, owner of the Altex store network, has recently transferred 30% of the shares of Credex Finantari (Credex Financing) to Raiffeisen Bank, according to an announcement published in the Official Gazette. Altex officials did not wish to specify the value of the transaction, but said it would ensure greater funding power to Credex and allow for a larger volume of loans and instruments to ensure customer loyalty. Up until the transfer of 30% of the company’s shares, Raiffeisen Bank had only held a minority stake, according to Altex representatives. They did not specify the value of the stake previously owned by Raiffeisen. In the wake of the transaction, Bomenveld, based in the Netherlands and indirectly controlled by Dan Ostahie, has reduced its stake to 69.6%. The rest of the shares are held by four individuals, among whom are Dan Ostahie, his wife, Marilena Ostahie, and the company’s general manager, Dan Craciun, who own 0.1% each. Credex Finantari is a consumer finance company, set up in 2005 following an agreement between Altex, the biggest local electronics and home appliances retailer and Raiffeisen Bank.