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4 I Contents bne May 2017
Senior editorial board
Ben Aris (Berlin) editor-in-chief
James R Hammond (Boston) publisher
Robert Anderson (Prague) managing editor
Clare Nuttall (Bucharest) news editor
Nicholas Watson (Prague) contributing editor
Liam Halligan (London)
editor-at-large LHalligan@newsparta.net
Eastern Europe
Nicholas Allen (Berlin) bureau chief
Mark Galeotti (Prague) contributing editor
Central Europe
Tim Gosling (Prague) bureau chief
Central Asia
Will Conroy bureau chief
Advertising & subscription
Elena Arbuzova (Moscow) business development
Design
Olga Gusarova (London) art director
+49 15730395872 nallen@bne.eu
mgaleotti@bne.eu
+42 0720180811 tgosling@bne.eu
+40 757369985 cnuttall@bne.eu
+7 9160015510 earbuzova@bne.eu
+44 7738783240 ogusarova@bne.eu
6 THE MONTH THAT WAS COMPANIES & MARKETS
10 Agrokor giant brought down by addiction to junk debt
13 Sberbank’s flight from Ukraine points way for Russian lenders to follow
14 Czech manufacturers look increasingly to 3D printing but barriers remain
17 Visegrad sovereign debt rush set to fade
19 Africa welcomes emerging fintech start-ups
20 Czech National Bank scraps koruna cap
22
24
25 42
44 47
Local and emerging markets driving investment in CEE real estate
US banks led by Goldman Sachs gain in Russian capital markets revival
COVER FEATURE
CEE's top business leaders
Businesswomen seek a seat at the top table
SPECIAL FOCUS – Romania
Investors jump on Romania’s consumer bandwagon
Macroeconomic overview
+49 17664016602 baris@bne.eu
+1 6178525441 jhammond@bne.eu
+42 0603517867 randerson@bne.eu
+40 757369985 cnuttall@bne.eu
+42 0731582719 nwatson@bne.eu
+44 7801799279
20 14
19
Please direct comments, letters, press releases and other editorial enquires to editor@bne.eu
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New Sparta Media | 27a Floral Street, 3rd Floor, London, WC2E 9EZ, UK
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COMPANIES MENTIONED
Agrokor (Page 10-12) Alfa Group 13, 30-31 Alvarez & Marsal 10
BitPesa 19-20 BK Group 36-37
Clever Synergies Investment Fund 42 CMS 22-23
Colliers 22-23
Concorde Capital 13 Delhaize 12
EBRD 44
Enterprise Investors 44-45 Erste Bank 12, 17-18
Fribourg Capital 38 Freeman & Co 24
Gazprom 24 GE 15-16
Goldman Sachs 24
Honeywell 15
IDC 15-16 Inteco 42
Jakov Viktor 11-12 JP Morgan 24
Kazakhmys 29 KAZ Minerals 29


































































































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