Miro Bank

Miro Bank, the only micro financing bank in Romania, extends its network by opening a new agency in the Bucharest neighborhood Pantelimon, willing to support more entrepreneurs who want to develop their businesses. After only a year from the opening of its first branch in Bucharest, the bank has already a network of branches and agencies in Brasov, Cluj, Craiova, Constanta, and Timisoara. Miro Bank was founded in April 2002 with a main view to financing micro, small and middle-sized enterprises in Romania. The bank grants credits to the sums between 300 and 100,000 USD, having at the moment a portfolio of 13.5 million USD and 4,600 outstanding credits. The quality of this portfolio is high, since it contains less than 0.5% credits with delayed payments for more than 30 days. Based on its success in opening micro financing banks in other countries of the region, Miro Bank sets among the banking sector in Romania new standards of crediting the entrepreneurs. It applies an efficient credit technology that implies taking into consideration of the specific characteristics of the smallest entrepreneurs and, consequently, it puts its services at the disposal of the entrepreneurs who had not access previously to financing from other banks. The Miro Bank’s shareholders are BERD, IFC – International Finance Corporation, Deutsche Investitions- und Entwicklungsgesellschaft, Commerzbank AG, IMI AG and recently FMO – the Netherlands Development Finance Company. The US Government …. The Luxemburg government and KfW (The German Bank for Development) have also put in funds for the offices’ building or renovation, and for the credit officer training as well. Ana Maria Mihaescu, the representative of the Miro Bank shareholders, underlined the importance of the bank’s dynamic development during its first year of activity. “The increase of the number of branches and agencies of Miro Bank with the opening of the Pantelimon agency in Bucharest represents only a part of our strategy” said Mrs. Mihaescu. “The bank is ready to extend its range of services and banking products, since its grow in the first year of existence has confirmed both the potential of the micro financing market in Romania and the high quality of Miro Bank’s services.” she added.

The Pantelimon agency will be open on Thursday, 19th of June 2003, in the presence of representatives of Miro Bank’s shareholders, and of the US’ and The Netherlands’ ambassadors in Romania.