Banca Transilvania took part in the conference “Romanian Private Capital – An Opportunity for Romania’s Economic Development”, organized by Ziarul Financiar on 22 September in Cluj-Napoca. The event is part of a series of conferences on the same theme, held in the largest cities around the country throughout the year.

Discussions focused on the development of Romanian private capital in the counties of Cluj and Bistrita Nasaud. Representing BT, speakers at the event included Horia Ciorcila – Chairman of the Board, Omer Tetik – Chief Executive Officer, and Andrei Dudoiu – Deputy CEO, Companies.

Selected comments by Horia Ciorcila at the conference, on the need for a balance between domestic and foreign capital:

• “We try to find companies that can grow. We’ve had unpleasant experiences too, but we have learned and continue to learn from our partners’ successes as well as their failures. (...) It’s very important that, out of Romania’s 470,000 SMEs, many have reached or will reach the stage of becoming large companies, and they need to list on the stock exchange or attract investors in order to develop.”
• “It’s good to have small companies, because they keep the economy healthy, but a country doesn’t count in a globalized world without economic strength, and for that you also need strong, large companies. Politicians, too, have little to talk about when they go abroad if they don’t represent a strong economy.”
• “The role of multinationals and foreign capital over the last 10–15 years has been exceptional, because they brought capital, know-how and brands that changed Romania, but there needs to be a balance between domestic private capital and foreign capital.”
• “The state should keep pace with private companies and support them by developing infrastructure of all kinds, whether education, transport or healthcare, and help reduce bureaucracy.”

The “Romanian Private Capital – An Opportunity for Romania’s Economic Development” project continues through November in Oradea, Galati, Baia Mare and Bucharest, where participants will discuss practical ways to stimulate the development of Romanian private capital and to showcase the most successful Romanian entrepreneurial businesses in each region.