Estima Finance, a consumer lending company owned by GE Money, has budgeted a 64% increase in the volume of released loans, to 590 million RON (around 173m euros).
The company estimates it will end this year with loans granted worth 360m RON (101m euros). After the first three quarters, the amount of financing granted posted annualised growth of 120%, to 315 million RON (94m euros).
"The main drivers behind the increase were the development of new partnerships with retailers, product range diversification, investments in processing systems and investments meant to boost the efficiency of analysis and approval procedures," says Stefan Coroianu, Estima Finance CEO.
About a year ago, US GE Money (the financial services arm of GE) entered the domestic market by acquiring 3 non-bank financial companies-Estima Finance, Motoractive Leasing and Domenia Credit, in a 140m-euro deal.
Estima turnover advance was also helped by the rapid expansion of the customer portfolio, by 130% this year, to 300,000 people at present.
"In the near future, we want to diversify distribution channels and also expand the product range and create the consumer lending joint platform of GE Money Romania," says Coroianu.
One of GE Money's main projects for the domestic market entails the integration of the three companies it acquired, inclusively by developing an integrated platform of financial services.
The US group also owns 25% in Turkey's Garanti Bank, which also operates a subsidiary in Bucharest.
Coroianu says GE Money's policy for the domestic market focuses on the sale of flexible financing products for individual customers and also for small firms.
The product portfolio and the distribution network will be further expanded, with credit cards, home equity, mortgage and car loans as the basic products.
At the same time, significant investments will be aimed at building GE Money brand awareness domestically, Coroianu also says.
Estima Finance, present on the market for eight years, currently has 450 employees, with activities being coordinated by two operational centres, in Bucharest and Cluj. The company has more than 100 lending offices located with its commercial partners, with privative credit cards as the basic product.
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