RAEF Management Team to Acquire Intercapital Invest

Intercapital Invest announces that the management team of the Romanian-American Enterprise Fund (RAEF), Horia Manda, John Klipper and Neculai Sandu, has received the approval of the National Securities Commission (CNVM) to acquire the majority stake in Intercapital Invest.

Horia Manda is Managing Partner of the management company of RAEF and the Balkan Accession Fund (BAF), is the general manager of Axxess Capital Partners, the local investment adviser for RAEF and BAF, and has over 13 years of experience in investments in the Southeastern Europe region.

John Klipper is President of RAEF since 1996 and partner in the management company of RAEF and BAF. Sandu Neculai is Senior Investment Officer of RAEF and partner in BAF, having a relevant experience of over 12 years in investments in Romania, Bulgaria and the Republic of Moldova, and specializing in financial services.

Following these transactions, the three investors will hold 68% of the total issued shares of Intercapital Invest.

The management team of RAEF and BAF has been involved in important deals on the Romanian market, including investing, expansion and sale of Banca Agricola, Banca Romaneasca, Motoractive, Domenia Credit, Estima Finance, Certinvest, Domo and Policolor.

Horia Manda, speaking on behalf of the three investors, declares: "The strong market share, reputation and projects implemented by Intercapital Invest led us to get involved directly in the company's growth. I believe that our experience in financial services will contribute to the strengthening of Intercapital's position as leading financial investment services provider in Romania".

Razvan Pasol, general manager of Intercapital Invest, declares: "The acquisition of a majority stake in Intercapital by RAEF's management team is a vote of confidence for our strategy from leading specialists of the Romanian financial market. I am pleased that following these transactions we will benefit directly from their experience, in order to expand our three main lines of business: brokerage&trading, investment banking and asset management (the latter through Investica, the acquisition of which was approved recently by CNVM)."

For additional information on RAEF and BAF please visit their respective websites at www.raef.ro and www.bafund.net.




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