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American Dollar Financial Group Expands to Romania

By   /   June 9, 2013  /   No Comments

Dollar Financial Group, Inc, an international financial services company, recently took over Romanian pawn shop chain Express Credit Amanet.   In a multi-million euro deal the American company entirely took over the local company.  Law firm Ţuca Zbârcea & Asociaţii assisted the seller, while DLA Piper assisted the American buyer.  According to lawyers, the two companies were in negotiations for about a year.  The Romanian Company’s turnover in 2011 was around EUR 5.5 million.  Express Credit Amanet was founded in 1999 by Bogdan and Ioana Gheorghiu.  Expansions began in 2002, and in 2005 it opened three more units.  In 2008 the company had grown to eight agencies and it currently has 29 units.  The deal was reportedly worth EUR 5 million.  Dollar Financial Group has a presence in nine European companies, apart from Romania.  Serving the un-banked and under-banked for the last 30 years, it has over 1,400 retail locations.

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