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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Portuguese group buys Wirecard’s business in Romania

German electronic payment processor Wirecard, which went insolvent after revealing that EUR 2 bln were missing from its balance sheet, sold its Romanian subsidiary to Portuguese group SIBS.

Local financial daily Ziarul Financiar reported the deal was over EUR 50 million.

The German group had paid EUR 32 mln for the Romanian company Provus Group in 2016.

Wirecard Romania recorded a net profit of RON 18.5 mln (EUR 3.9 mln) in 2019. Its turnover reached RON 43.4 mln (EUR 9.2 mln).

Some 16 investors were interested in taking over Wirecard’s business in Romania, according to Ziarul Financiar.

“We are excited to become part of SIBS, a company with a business profile similar to ours and a strong presence in the payment solutions environment on two continents. I am sure that, together, our companies will continue to bring innovative payment solutions to the Romanian and European markets and be a reliable partner both for the companies that have given us their trust so far and for new companies,” said Utku Ogrendil, CEO Wirecard Romania.

SIBS - (Sociedade Interbancária De Serviços) is a Portuguese payment processor operating in countries such as Algeria, Angola, Malta, Nigeria, Poland, Portugal, Kazakhstan, Luxembourg. Raiffesen Bank Romania’s investment division managed the sale of Wirecard Romania, according to ZF.

Noerr provided legal advice to Wirecard while SIBS worked with local law firm Stratulat Albulescu.

(Photo: Thomas Fink | Dreamstime.com)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Portuguese group buys Wirecard’s business in Romania

German electronic payment processor Wirecard, which went insolvent after revealing that EUR 2 bln were missing from its balance sheet, sold its Romanian subsidiary to Portuguese group SIBS.

Local financial daily Ziarul Financiar reported the deal was over EUR 50 million.

The German group had paid EUR 32 mln for the Romanian company Provus Group in 2016.

Wirecard Romania recorded a net profit of RON 18.5 mln (EUR 3.9 mln) in 2019. Its turnover reached RON 43.4 mln (EUR 9.2 mln).

Some 16 investors were interested in taking over Wirecard’s business in Romania, according to Ziarul Financiar.

“We are excited to become part of SIBS, a company with a business profile similar to ours and a strong presence in the payment solutions environment on two continents. I am sure that, together, our companies will continue to bring innovative payment solutions to the Romanian and European markets and be a reliable partner both for the companies that have given us their trust so far and for new companies,” said Utku Ogrendil, CEO Wirecard Romania.

SIBS - (Sociedade Interbancária De Serviços) is a Portuguese payment processor operating in countries such as Algeria, Angola, Malta, Nigeria, Poland, Portugal, Kazakhstan, Luxembourg. Raiffesen Bank Romania’s investment division managed the sale of Wirecard Romania, according to ZF.

Noerr provided legal advice to Wirecard while SIBS worked with local law firm Stratulat Albulescu.

(Photo: Thomas Fink | Dreamstime.com)

andrei@romania-insider.com

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