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The sale of RomCard to Provus successfully closed

BCR SA, BRD SA, UniCredit Tiriac Bank SA, Raiffeisen Bank SA and Financiara SA, as shareholders of RomCard SA, announced the successful sale of their 100% stake to Provus Services Provider SA, a reputable firm with solid track record in card processing sector.

The technical, commercial and financial capabilities of the new owner expand the Romanian company's perspectives both locally and abroad.

Deloitte and Reff & Associate team provided financial and legal advisory to the vendors, while Provus was legally advised by Badea Clifford Chance.

Commenting on the transaction, I. Cem Yenigul, the CEO of Provus said: 'The synergies between Provus and RomCard coupled with the complementary experience and know-how of the management teams of both companies on issuing, card personalization, ATM and POS management services, transaction processing, e-commerce and m-commerce will enable the joint entity to provide a complete range of services through an integrated package to both domestic clients in Romania and cross-border clients outside Romania. As of today, Provus manages over 1,500 ATM terminals, 4,500 POS terminals, 2.8 million cards and 3.5 million transactions per month.'

Mr Yenigul further commented on his heartfelt gratitude to the hardworking and loyal personnel of RomCard, the first pioneering processing company of Romania, for creating a most valuable business for the Romanian economy under the very able leadership of Mr Mitroi. He added, 'I am also deeply grateful to the most capable management and personnel of the four great Romanian banking institutions BCR, BRD, Raiffeisen Bank, and UniCredit Tiriac Bank for founding such a dynamic entity and bringing it to this mature stage. I thank them sincerely for their input and foresight in steering this company through the years and through the process of our negotiations and reiterate my strong belief that the future holds many a success for us through our merged entity.'

Marin Mitroi, General Manager RomCard, added: 'As the first card processing center in Romania, RomCard has substantially contributed to the implementation, development and progress of this activity in Romania, and after more than 16 years it became a very well-known and respected brand both nationally and internationally. RomCard's acquisition by Provus represents a major deal for this line of business, as it creates an extremely powerful card processing center in Romania, able to provide the full range of services required by the market and successfully respond to all technological and performance challenges in the field.'

RomCard was set up in 1994 as the first card processing centre in Romania. It began to operate as an interbank processing centre for five Romanian banks (also its shareholders): Romanian Commercial Bank (BCR), Romanian Foreign Trade Bank (Bancorex), Romanian Bank for Development (BRD), the Agriculture Bank and Ion Tiriac Bank. Starting 2000, due to changes in the banking field, the shareholder structure of RomCard became: Romanian Commercial Bank (BCR), Romanian Bank for Development (BRD), Raiffeisen Bank, Unicredit Tiriac Bank and Financiara SA (the share capital being equally divided between the five entities).

Based on certifications received from international organizations (MasterCard, VISA, JCB, Diners), the company's range of activities include: authorization of transactions with cards (front office), merchants database management, national and international switching, settlement and processing of transactions with cards (back office), e-commerce services, customer support, fraud prevention, and electronic disputes; these services are currently provided to the most important 17 banks in Romania.

Increased activity as a result of continued expansion of services and leveraging clients' portfolio was materialized in the best financial results. During 2006-2009, the company recorded a 22% growth in turnover, from 3.1 million lei in 2006 to 5.62 million lei in 2009; in profitability terms, the revenue growth was reflected into significant levels for the key financial performance indicators in 2009, such as return on equity (40.82%) and return on assets (34.18%).

Sursa: http://www.deloitte.com/ro

Tags: romcard processing romania romanian services provus pos atm bcr brd

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