“Considering on one hand Romania’s economic situation, the 7.3% drop in GDP in 2009 and on the other hand the low performance of the company that don’t point to a sustained recovery over the coming years, the shareholders have decided to end operations of Cofidis IFN SA”, the lender said.

The shareholders also decided to continue to provide financial support to the company in order to meet its commitments to creditors and staff.

Cofidis IFN is a wholly-owned subsidiary of the France-based Cofidis Participations. The company has a common capital of 21.75 million lei. In 2008, Cofidis IFN recorded revenues of 45.3 million lei and total expenses of 36.5 million lei.