Foreign investors have injected almost 7.7 billion euros in local banks and insurance companies over the last 17 years. The banking and insurance sector attracted over 22% of the total volume of 34.5 billion euros in foreign direct investments, thus being the economy's second most important sector, after industry, according to a study published by the NBR. Foreign investors preferred to enter the local market through the acquisition of local players, therefore greenfield investments total just 2.9 billion euros, i.e. 38% of the capital brought by foreigners to the financial brokerage and insurance sector. Taking into account that Romania's accession to the European Union took place as late as in 2007, the takeover of an already established player spared the foreign groups the trouble to go through the complicated steps towards securing a licence. More recently, local players have become targets for investors who preferred to enter the local market at full speed or to consolidate their position (as was the case in the insurance sector). Austrian investors have been the most active, and contributed 23% of overall direct foreign investments. Their dominance is felt both in the banking sector, and the insurance field, where the Austrian groups have the largest market shares.
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