SEB Romania estimates its turnover will fall by 15 to 20 percent in 2009, to EUR 14 million, according to company officials. Last year, it made a turnover of EUR 17 million.
SEB operates several facilities worldwide in countries such as France, Germany and China.
City Mall is owned by the Austrian fund APN/UKA European Retail Trust, which acquired the commercial center in 2006 from British company Victoria Holding, following a EUR 103.5 million transaction.
The commercial center's first sale price was EUR 46 million, the amount paid by Victoria Holding for City Mall when it acquired the project from developer Jaguar Development, controlled by Greek and Israeli businessmen.
Last year, the owner announced a 4.1 percent drop in market value for the development, to EUR 112 million, due to costs surpassing the initial estimations.