Romanian businesses go West via Hungary

RCS&RDS and Astra, two Romanian-held companies in telecom and financial services respectively, have announced they are expanding their operations to Western European markets, Italy and Hungary, which is rare for local entrepreneurs.

Telecom operator RCS&RDS, one of the pioneers of Romanian investments abroad, also made the first steps abroad in Hungary, back in 1998, when the company bought the first cable networks. Now, the company held by Oradea-based Zoltan Teszari is present with telecom services in another six European countries, the latest of which being Italy, where over one million Romanians work. In 2008 RCS also launched mobile telephony services in Spain, which also accommodates a big Romanian community of around 800,000 people, according to official data.

Astra, the biggest insurance company on the Romanian market, held by businessman Dan Adamescu, will open the first foreign branch of a Romanian insurance company in November in Hungary, having received the necessary licence this week. To begin with, the branch will issue motor insurance and home insurance policies, and later expand onto other segments, such as medical and aviation insurance. In a first stage, Astra will also sell insurance products through brokers and online in Hungary.