IFC Support to Credit Europe Bank, Romania, Will Benefit Smaller Businesses
In Washington, DC:
Thoko Moyo
Phone: +1 (202) 458-8517
E-mail: tmoyo@ifc.org
In Bucharest:
Andreia Radu
Phone: + 4021 20 10 316
E-mail: aradu@ifc.org
In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: sbrkic@ifc.org
Bucharest, Romania, June 18, 2007 —
IFC, the private sector arm of the World Bank Group, will provide a seven-year
loan to Romania’s Credit Europe Bank to support the bank’s expansion
into small and medium enterprises and strengthen its balance sheet by providing
local currency funding with a longer tenor than currently available in
the local market.
The $26 million equivalent investment will be the first local currency
loan offered by IFC in the Romanian market. As an internationally triple-A
rated institution, IFC leverages its credit to provide customized local
currency products to private sector clients.
Tamer Ozatakul, General Manager of Credit Europe Bank, said, “In 2006
we took the first step to address all segments of the Romanian economy
by establishing our SME banking unit. The facility, granted by IFC, will
help us develop our SME client base and better meet their needs by providing
medium-term local currency loans. We hope that our role will continue to
grow in serving the SME sector, which is an important engine for growth
in Romania.”
Ana Maria Mihaescu, IFC Chief of Mission in Romania, said, “This loan
is a sign of IFC's commitment to Romania and its innovative approach to
serving market needs, particularly the financial sector, which is key for
economic development. This local currency loan will strengthen the banking
system in Romania, while enabling Credit Europe Bank to increase services
to the underserved SME sector.”
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable
private sector companies and other partners in generating productive jobs
and delivering basic services, so that people have opportunities to escape
poverty and improve their lives. Through FY06, IFC Financial Products has
committed more than $56 billion in funding for private sector investments
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. IFC Advisory Services and donor partners have
provided more than $1 billion in program support to build small enterprises,
to accelerate private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability. For more information, please visit
www.ifc.org.
About Credit Europe Bank, Romania
Credit Europe Bank (Romania) S.A., formerly Finansbank (Romania) S.A.,
was launched in 2000, following the acquisition of Banca de Credit Industrial
si Comercial S.A. by Turkey’s FIBA Group. The bank, which offers corporate
and retail banking, has 1,700 employees and operates through 85 branches,
reaching more than 250,000 individuals and 20,000 corporate and SME clients.
For more information, visit www.crediteuropebank.ro.
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