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May 14, 2021
BUSINESS

EBRD extends financing to United Bulgarian Bank, Banca Romaneasca and Vojvodjanska banka

The EBRD signed yesterday three credit lines worth a total of EUR 350 M with subsidiaries of National Bank of Greece in Bulgaria, Romania and Serbia for on-lending to businesses in their respective countries, a press release informs. United Bulgarian Bank will receive EUR150 M, Banca Romaneasca will receive EUR 100 M, and Vojvodjanska bank will get EUR 100 M of new funding from the EBRD. The EBRD financing will provide the three banks with medium term senior funding to support their funding base, diversify and extend the maturity of their liabilities and enhance their lending to the economy. ”(…) The project will help to ensure a continued flow of credit to private companies operating in these countries which is essential to foster development in difficult macro-economic conditions’, said Nick Tesseyman, EBRD Managing Director for Financial Institutions. This package of loans, to be provided in two equal instalments, is part of the Joint International Financial Institutions Action Plan and follows other similar facilities offered over the past 18 months to the subsidiaries of the major Western European strategic banking groups engaged in the region. 

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