years of experience
of all bonds issued in Romania
billion dollars worth of loans and bonds


VMB Partners Projects

●  First bond issues in Romania after the World War II structured for public investments (Predeal, Mangalia, Deva, Alba Iulia, Teiuș, Târgu Mureș, and Lugoj).

●  Highest maturity hybrid bond (23 years, Bistrița 2006).

●  First bond issue bearing a fixed coupon (Timișoara 2005).

●  Largest volume of a bond issue (Iași 2007-2010, RON 200 million).

●  Support in contracting and debt management loans granted by international financial institutions - EBRD and KfW (Timișoara).

●  Bringing in and negotiating the first International Finance Corporation (IFCWorld Bank Group member) loans for Romanian municipalities (Timișoara 2013 and Botoșani 2014). Products bear fixed interest rate.

Alba Iulia municipal bond issue IV

Issuing date: 2007
Value: 32.000.000 RON

Iasi municipal bond issue I

Issuing date: 2007
Value: 200.000.000 RON

Timisoara Municipal Bond Issue III

Issuing date: 2006
Value: 150.000.000 RON

Arad County Loan 2013

Contracting Year: 2013
Value: 27.600.000 lei

Focsani Loan 2013

Contracting Year: 2013
Value: 60.000.000 lei

Targu-Mures Loan 2010

Contracting Year: 2010
Value: 55.000.000 lei

We have been working together with VMB Partners over the last 10 years to achieve important goals of Alba Iulia, like: issuing bonds, elaborating the development strategy of the city, and getting a credit rating from an international rating agency, the latter being a premiere in Romania. They are always aware of legislative changes, provided innovative solutions in order to fit our needs and are always interested in creating new products for local development. VMB Partners contributed significantly to the city development in many aspects.

Nicolae Moldovan

City Manager, Municipiul Alba Iulia

It is very difficult for a local government to have all necessary information in order to make the best decision when it comes to fund and/or borrow money. Therefore, City of Zalău collaborated with VMB Partners for advising us throughout the entire financing procedure, starting from negotiating with bank representatives in order to obtain lowest possible interest rates, to loan authorization by the Ministry of Finance. VMB Partners treated our requests with responsibility and professionalism, proving each time it is a true PARTNER.

Mariana Cuibus

Executive Director, City of Zalău

VMB Partners are well documented and always keep us updated with any new relevant information. They have been proving professionalism and involvement in solving problems that we encountered in the process of financing local infrastructure.

Gheorghina Ribovici

Executive Director, Arad County

Experienced professionals

Valentin Adrian Miron

VMB Partners president of the board, managing partner

Mr. Valentin A. Miron has 25 years business experience in Romania as private investor and entrepreneur in various areas covering financial advisory services for local governments and public services, municipal bonds & bank loans, local development, investment funds, asset management, tourism and entertainment, entrepreneurship & SME training. Founded VMB Partners Co. in 1999, member of the board & managing partner since 2003. Elected president of the board of VMB Partners since 2006.   

Daniel Stifter

Senior Consultant

Daniel has a long career in the banking financial area, beginning from 1991 as Head of Service and later as manager of several corporate departments and retail at Bancpost S.A. bank.   

Gabriela Căluşeru

Local public finances expert

With a BA in economics, Gabriela Caluseru has a professional experience of over 20 years in the area of local public finances. She has worked for the Ministry of Finance and has been a part of specialist teams that developed the legislation in the local public finances sector and other laws regarding decentralization.   

Alexandru Popescu

Legal Advisor

Specialized in international law, Alexandru Popescu has an experience of over 10 years in the area of commercial law, financial law and local public administration legislation. Within the company, he handles the public procurement procedures for the contracting authorities with the purpose of bond granting, bank loans and leasing, as well as for infrastructure and local development purposes.   


Strada Dumbrava Roșie nr. 2
Sector 2
ZIP code: 030167

Telefon            021.318.3874
Fax                   031.814.5923