ROMANIAN MARKET ORIGINATION

Where international capital meets Romanian decision-makers

Flow Advisory provides senior-level market access, deal structuring and regulatory navigation for international financial institutions entering Romania's public sector and infrastructure landscape.

CFA CHARTERHOLDER 20 YEARS EXPERIENCE BOARD & GOVERNMENT LEVEL
ABOUT

Costin Țîra, CFA

Senior finance and strategy professional with 20 years of experience across banking, public sector, management consulting and development finance. CFA charterholder with deep knowledge of capital markets, regulatory frameworks and rating agency processes. Track record of operating at board and government level across Romanian and CEE markets.

Flow Advisory was established to bridge the gap between international financial institutions and Romania's public sector and strategic corporate landscape — a gap that costs mandates, delays transactions, and frustrates capable institutions that lack the local depth to navigate it.

Romania is entering a capital-intensive cycle: EU structural investment, energy transition commitments and long-overdue infrastructure modernisation are creating deal flow that requires precisely calibrated origination. The decision-makers are known. The relationships are active. What is often missing is the bridge.

With two decades across state development banking, government, management consulting and the capital markets operations of a major European bank, Costin Țîra brings the operating knowledge, network and credibility required to connect balance sheet capability with the counterparts that matter.

SERVICES

What Flow Advisory does

01

Market Origination

Not introductions through intermediaries — direct, personal relationships with the decision-makers at Romania’s major public sector counterparts, built through years of operating inside those institutions. It’s not about brokering meetings. We are already in the room.

02

Deal Structuring

International mandates in Romania’s public sector fail not on credit quality but on execution: procurement rules misread, budget approval cycles missed, expenditure-limit constraints discovered too late. Flow Advisory translates balance-sheet capability into deal architectures that survive contact with Romanian public law, public accounting rules, and the practical reality of how decisions are made and money is committed.

03

Regulatory & Legal Navigation

Romania’s legal framework is not impenetrable, but it is routinely misinterpreted by international teams relying on desk research or generalist local counsel. Flow Advisory provides interpretive depth grounded in first-hand regulatory experience ensuring deal architecture is not just compliant on paper but executable in practice.

ACTIVE SECTOR COVERAGE

Municipalities & Public Sector Budget financing, guarantees, municipal bonds
Energy & Infrastructure Generation, transmission, distribution, energy transition
State-Owned Enterprises Restructuring, recapitalisation, governance
Capital Markets & Development Finance Bilateral facilities, multilateral partnerships, EU instruments
PROFESSIONAL EXPERIENCE

A career built at the intersection of markets and government

Principal
Horváth und Partner GmbH — Romania
February 2026 – Present
Details
  • Rejoined as Principal following the conclusion of the IDB mandate, retaining full P&L responsibility and account management of key clients across energy, public sector and financial services.
  • Engaged in business development and origination of new consulting engagements across Romania and the CEE region.
  • Coordinating the Public Sector practice team.
Director, Strategy, Funding & Investor Relations
Banca Română de Investiții și Dezvoltare (IDB)
October 2025 – February 2026
Details
  • Drafted the bank's funding strategy and capital markets positioning, covering access to bilateral financing facilities and multilateral partnerships (EIB, EBRD, KfW).
  • Led EU Pillar Assessment preparation, establishing eligibility for InvestEU guarantee facilities and blended finance instruments.
  • Initiated the origination strategy for long-term financing products targeting municipalities, state-owned enterprises and infrastructure PPPs.
Principal / Senior Project Manager
Horváth und Partner GmbH — Romania
December 2021 – October 2025
Details
  • Managed complex, cross-functional consulting projects and client relationships, with additional P&L and margin management responsibilities.
  • Coordinated the Public Sector team and led business development activities, including account management for major clients.
  • Advised on business restructuring and reorganisation across multiple engagements, including a new operating model for a major local Oil & Gas company.
  • Led cross-functional teams on M&A transactions and business valuations.
  • Structured and implemented an alternative fuels segment strategy for a major local Oil & Gas client.
Secretary of State
Ministry of Transport and Infrastructure
April 2021 – September 2021
Details
  • Coordinated the activities of state-owned railway companies under the direct coordination of the Ministry.
  • Defined shareholder expectations for state-owned companies and validated restructuring plans proposed by top management.
  • Coordinated budget allocations for companies under the Ministry's authority; ensured appropriate execution and management of budget rectification processes.
  • Identified and pursued selected funding opportunities — concessions, project financing, public-private partnerships.
  • Managed the relationship with the European Commission's DG Competition on state aid matters.
Non-Executive Board Member
TAROM — Romanian National Airline
January 2021 – October 2021
Details
  • Approved business restructuring plans involving debt restructuring and refinancing.
  • Oversaw budget planning and financial turnaround initiatives.
  • Reviewed and approved executive management proposals on business strategy and product portfolio.
Personal Advisor to the Minister
Ministry of Transport and Infrastructure
January 2021 – April 2021
Details
  • Coordinated with international financial institutions on project and infrastructure financing.
Independent Management Consultant
Self-employed
September 2018 – January 2021
Details
  • Assessed and prioritised investment opportunities for a logistics company.
  • Developed cost optimisation models for a consumer goods retail chain.
  • Developed the recovery plan for a local top 3 financial institution.
Director, Business Strategy & Financial Communication
BRD – Groupe Société Générale
March 2017 – September 2018
Details
  • Led investor relations activities and managed relationships with rating agencies.
  • Liaison with relevant regulatory bodies (National Bank of Romania, Financial Supervisory Authority).
  • Managed public dissemination of financial results and regulatory reporting.
  • Conducted profitability analysis across business lines.
  • Assessed potential M&A transactions and engaged targets.
Deputy Director, Balance Sheet & Investment Portfolio Management
BRD – Groupe Société Générale
March 2016 – March 2017
Details
  • Managed banking book fixed-income investment portfolio exceeding €2 billion.
  • Elaborated and proposed risk policy, risk appetite statements and frameworks.
  • Implemented transfer pricing policy and methodology.
  • Monitored and hedged interest rate, liquidity and FX risks using quantitative models (IRG, VaR, BPV).
  • Member of the Pricing Committee with veto rights on corporate deals.
Senior Analyst, Balance Sheet & Investment Portfolio Management
BRD – Groupe Société Générale
March 2014 – March 2016
Details
  • Executed interest rate, liquidity and FX risk hedging strategies.
  • Developed transfer pricing mechanisms.
  • Monitored risk exposure through IRG, VaR and BPV models.
Earlier Experience
Raiffeisen Bank Romania, UPC & others
June 2006 – March 2014
Progressive experience in financial analysis, financial controlling and risk management across banking and telecom, including roles at Raiffeisen Bank Romania, UPC and other telecom companies.
CONTACT

Considering Romania? Let's have a direct conversation.

No forms, no intake surveys. A candid discussion about what you're trying to do and whether Flow Advisory can help.

LOCATION
Bucharest, Romania

Flow Advisory SRL  ·  CUI 52738419  ·  Registered in Romania