The executive last week annulled a legal provision allowing EximBank to use its profits to increase its working capital, while transferring the 95.37% stake owned by the privatization authority AVAS into the Finance Ministry’s portfolio.
Additionally, the government cancelled another law through which state-owned banks were exempted from transferring their profits to the state budget, citing difficult economic conditions due to the protracted financial crisis and an “urgent” need to boost public investments.
EximBank reported pretax profit of around RON45 million (over EUR10 million) in the first half, up 80% on the year.
Founded in 1992, export-import lender EximBank offers financing, bank guarantees and insurance products to Romanian companies.
The lender runs branches in 12 cities countrywide. (EUR1=RON4.3222)