EMERGING FUNDING FOR THE REAL ECONOMY
April 19th, 2016
Athenee Palace Hilton Bucharest
Financial markets and real economies are diverging. The financial cycle has fallen behind the business cycle. Asset valuations and investor perceptions have sudden moves, trying to bridge the gaps, unleashing the forces of market volatility. The global financial crisis channels regionally its influence on the banking and non-banking segments of Romania’s developing financial market.
Will Romania be able to sustain the current growth trend in the near future? In the context of a heavily banking dependent funding of Romania’s economic sectors, local entrepreneurs and SMEs are often forced to deal with a subsistence economy. The banks do not the lack liquidity but have a higher pressure on managing the risk. What are the opportunities for non-banking lenders/funding? Which are the viable alternatives for financing the real economy?
One generation of private equity funds has come to maturity. Will there be a new wave coming in? Which sectors will they be looking at? Which are the factors that will influence the venture capital activity in Romania in the near future? And what do investors see as the main incentives for private equity investment in Romania versus other CEE countries?
The conference aims to bring together the stakeholders of the real economy’s funding value chain, giving everybody a platform and a chance to speak out their concerns. Our moderators encourage both speakers and participants to engage in debates and exchange of ideas and create a permanent dialogue between the panelists and the audience.
Founder and Chairman
George Friedman is a geopolitical thinker, bestselling author of a number of books, among which the latest "Flashpoints: The Emerging Crisis in Europe". As Founder and Chairman of Geopolitical Futures, a new online publication dedicated to forecasting the course of global events, Friedman combines his passion for writing and publishing for his readers world wide who follow international affairs. Prior to founding Geopolitical Futures, Friedman guided the intellectual vision of Stratfor, the geopolitical intelligence publishing and consulting firm he founded in 1996.
Victor Vlad GrigorescuMinister of Energy, Government of Romania
Bogdan OlteanuDeputy Governor National Bank of Romania
Enache JiruState Secretary Ministry of Public Finance
Manuel CostescuState Secretary, Invest Romania
Florin IlieDirector, Head of Financial Markets, ING Romania
Ionut DumitruChief Economist, Raiffeisen Bank Romania
Juraj KotianHead of CEE Macro/Fixed Income Research, Erste Group
Mihaela BituDeputy CEO, ING Romania
Tibor PandiCEO, Citi Romania
Raluca TintoiuCEO NN Pensii
Dragos NeacsuCEO Erste Asset Management
Serban RomanCountry Director, Enterprise Investors
Ioana FilipescuManaging Director, Filipescu Visa Financial Advisors
David ButtsManaging Partner, Co-head of International Private Equity, CMS
Mona NeagoePartner and Country Manager Romania Pedersen & Partners
Marius GheneaInvestment Director, 3TS Capital Partners
Antonia ColibasanuPartner, Regional Director for Eurasia, Stratfor
Cristina ReichmannPartner, Head of Capital Markets, FIS and Structured Finance, CMS
Simon DayesPartner, Head of Banking & International Finance in SEE, CMS
Luca BertalotSecretary General, European Mortgage Federation
Andreia RaduPrincipal Investment Officer, IFC - World Bank Group
Iulian MangalagiuCEO, Brikston Construction Solutions
Yilmaz KarakasInvestment Manager, ADM Capital
Dorin Alexandru BadeaExecutive Director, Head of Capital Markets and Financial Institutions EximBank Romania
Mihail IonExecutive Director for Mid Market Corporates and Public Sector, Raiffeisen Bank Romania
Mark WallaceFounder and Managing Partner MWRS
Cristian MicuMember of the Board, Bucharest Stock Exchange
Raluca NicolescuDirector, Balance Sheet and Portfolio Management, Raiffeisen Bank
Doru LionachescuSenior Representative, Banca Transilvania
Razvan NanAssociate Director, Deal Advisory, KPMG Romania
Horea PopescuPartner, Head of Corporate and M&A in Romania, CMS
Axel KalinowskiManager - Continental Europe, London Stock Exchange Group
Alexander ZeidlerVice President – Senior Credit Officer Covered Bonds Moody's
Richard KemmishSenior consultant, EBRD
Mihai MarcuChairman of the Board, MedLife
Dorian MacoveiManaging Director, EMSA Capital
Registration and Welcome Coffee
Opening Session – Local and regional views (Le Diplomat Ballroom)
Geopolitical risks and their implications for Eurozone growth. Impact of the migrant crisis on CEE. How will Romania respond to the new geopolitical situation?
How ECB and Fed policies impact the CEE markets? Degree of convergence of CEE countries towards Western Europe – what is the impact of the slow pace of convergence?
Macroeconomic Trends: Romania vs CEE countries. Monetary policy and fiscal constraints in Romania comparative to CEE economies.
How will Romania be able to sustain the current growth trend? What can we expect to be growth drivers for the year ahead?
- George Friedman, Founder and Chairman, Geopolitical Futures
- Bogdan Olteanu, Deputy Governor, National Bank of Romania
- Enache Jiru, State Secretary, Ministry of Public Finance, Government of Romania
- Manuel Costescu, State Secretary, Invest Romania, Government of Romania
- Ionut Dumitru, Chief Economist, Raiffeisen Bank Romania
- Juraj Kotian, Head of CEE Macro/Fixed Income Research, Erste Group
- Florin Ilie, Director, Head of Financial Markets, ING Romania
- Antonia Colibasanu, Partner, Regional Director for Eurasia, Stratfor
Panel I – Challenges of the banking sector and their impact on the real economy (Le Diplomat Ballroom)
What are the consequences of the ECB QE’s policy on Romanian financial market? Interest rate policies for the new economic situation.
Higher capital requirements, increased regulation, high NPLs, low interest environment – how do we face these challenges?
Consolidation of the banking sector – how far are we?
Despite high liquidity environment do banks have risk appetite to finance the real economy? Do companies need funding or capital?
Impact of digitalization on retail financial services.
Banking Union and the Resolution Directive.
- Tibor Pandi, CEO, Citi Romania
- Mihaela Bitu, Deputy CEO, ING Romania
- Mihail Ion, Executive Director for Mid Market Corporates and Public Sector, Raiffeisen Bank Romania
- Dorin Alexandru Badea, Executive Director, Head of Capital Markets and Financial Institutions, EximBank Romania
- Doru Lionachescu, Senior Representative, Banca Transilvania Financial Group
- Simon Dayes, Partner and Head of Banking & International Finance in SEE, CMS
- Razvan Nan, Associate Director, Deal Advisory, KPMG Romania
Parallel Panel II A – Private equity focus (Le Diplomat Ballroom)
The headline Private Equity deals in Romania in recent years.
What does the future hold/what's next?
Potential targets and opportunities in Romania, including hot industry sectors for PE investment.
Is the market under-penetrated? Forecast for the next year(s)
Opportunities and challenges arising from the generational shift.
"Buy and build" strategy - changing the PE landscape.
Case study: going through the investment process - perspective from both sides
- Serban Roman, Country Manager Romania, Enterprise Investors
- Yilmaz Karakas, Investment Manager, ADM Capital
- Marius Ghenea, Investment Director, 3TS Capital
- Ioana Filipescu, Managing Partner, Filipescu Visa
- Iulian Mangalagiu, CEO, Brikston Construction Solutions
- Dorian Macovei, Managing Director, EMSA Capital
- David Butts, Managing Partner, Co-Head of International Private Equity, CMS
- Mona Neagoe, Partner & Country Manager Romania, Head of Professional Advisory Services Practice, Pedersen & Partners
Parallel Panel II B: Covered bonds roundtable (Mozart 1 & 2 Hall, first floor)
Discussion on the new legislative framework for Covered bonds: Law no. 304/2015 and secondary legislation issued by the National Bank of Romania.
- Luca Bertalot, Secretary General, European Mortgage Federation
- Florentina Boboc, Director, ASF
- Richard Kemmish, Senior Consultant, EBRD
- Raluca Nicolescu, Executive Director, Balance Sheet & Portfolio Management, Raiffeisen Bank Romania
- Andreia Radu, Principal Investment Officer, IFC - World Bank Group
- Veronica Raducanescu, Deputy Director, National Bank of Romania
- Alexander Zeidler, Covered Bonds VP – Senior Credit Officer, Moody’s Investors Services
- Cristina Reichmann, Partner, Head of Capital Markets, FIS and Structured Finance, CMS
Panel III – Investment opportunities, strategies and challenges in the current market conditions (Le Diplomat Ballroom)
What is the current investment environment situation?
How to cope with the challenges of a low interest environment?
Which is the optimal allocation mix in the current market conditions?
Rethinking companies’ capital structure. Do companies need more capital or just different capital structure?
Where is Romania on innovation of investment practices?
Structural reforms and particularly improvements in SOEs. Case studies and lessons learnt.
How to embrace the Capital Market Union‘s opportunities and challenges in a local / regional context?
- Victor Vlad Grigorescu, Ministry of Energy, Government of Romania
- Dragos Neacsu, CEO, Erste Asset Management
- Raluca Tintoiu, CEO, NN Pensii
- Axel Kalinowski Manager - Continental Europe, London Stock Exchange Group
- Cristian Micu, Member of the Board, Bucharest Stock Exchange
- Mihai Marcu, Chairman of the Board, MedLife
- Mark Wallace, Founder and Managing Partner, MWRS
- Cristina Reichmann, Partner, Head of Capital Markets, FIS and Structured Finance, CMS