„The decision to open a CITR office in Cyprus represents a natural step in the evolution of the company, considering its consolidated position of leader on the Romanian market, and a first step towards what CITR will accomplish in the next ten years. We are ready to expand to new European countries which need our expertise and we are already looking into two new markets we shall explore”, said CITR CEO Vasile Godinca-Herlea.
The volume of non-performing loans (NPLs) as a share in the total loans granted in Cyprus is on the rise, reaching 43.7% in 2017, according to data from the Central Bank of Cyprus, compared with Romania, where the NPL rate reached 6.4% and is on downtrend trend, according to data included in the annual report issued by Romania’s central bank BNR for 2017.
Insolvency practitioner CITR aims to replicate the business model in Romania and an experience transfer on a market where the field of insolvency is just developing.
In June 2018, the insolvency market in Cyrus had just 280 insolvency practitioners registered, whereas Romania has 2,959 insolvency practitioners accredited by the National Union of Insolvency Practitioners UNPIR.
The activity of the CITR office in Cyprus will be carried out by a mixed team of Romanian and Cypriot specialists, with support from the 150 specialists of multidisciplinary teams from Romania.
Boasting an experience of nearly 20 years on the Romanian insolvency market, CITR has a portfolio of over 950 projects.
Besides Cyprus, CITR expects to open two more offices in Europe, in the next two years.