The European Bank for Reconstruction and Development (EBRD) is continuing to support the development of Romania’s capital markets with an investment in Garanti Bank S.A.’s first local currency bond. According to a press release, EBRD subscribed to 15 percent of the Romanian bank’s RON 300 million (EUR 68 million equivalent) offer. The bonds to be listed on the Bucharest Stock Exchange have a five-year maturity and have been placed primarily with local institutional investors. This type of financing will enable Garanti Bank to expand and diversify its investor base and sources of finance, consolidating its funding structure and thereby enabling the bank to lend more, particularly in local currency. “Having a strong partner such as the EBRD, one of the most important financial supporters in Romania and in Europe, adds value to our efforts to better serve the local banking market. EBRD’s vote of confidence proves that we are a solid choice for any investor and we are happy to continue the successful collaboration started with our parent bank in Turkey,” commented Ufuk Tandogan, CEO of Garanti Group Romania. This EBRD investment is the fourth local currency bond issue under the EBRD’s Financial Institutions Bond Market Framework for Romania, a EUR 150 million programme launched in June 2013 to back medium- to long-term bonds issued by the country’s financial institutions.
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