about us | newsletter | contact | archive | members area
Mihai Patrascu, evoMAG
Competition is beneficial to the end customer»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

Banca Transilvania takes 40 million USD from IFC Capitalization Fund

The IFC Capitalization Fund, a fund managed by IFC Asset Management Company and member of the World Bank Group is investing 40 million USD in Banca Transilvania (BT), the third largest bank by assets in Romania, according to the fund press release.

2014-05-20 10:51:33

The 40 million USD subordinated loan will strengthen BT capital base and support the growth of a systemically important bank in the region focused on small and medium enterprises (SMEs).

"This is the third investment in the region for the IFC Capitalization Fund, and the ninth project overall for IFC with Banca Transilvania. We are happy to continue this long-standing partnership between IFC and BT as the bank continues to grow and improve access to finance in the region," said Marcos Brujis, Head of the IFC Capitalization Fund, a 3 billion USD fund which was made possible by commitments from IFC and Japan Bank for International Cooperation (JBIC).

IFC relationship with BT dates back to 2004, when IFC extended a senior loan to BT for mortgage on-lending. Since then, IFC has invested in a series of senior, subordinated, and convertible debt instruments for the bank. This current investment is expected to further strengthen the relationship by helping to finance the bank continued growth plans.

"This new facility will allow us to continue our ambitious plans for organic growth and to capture further market share, mainly in the segment where we are already a trend-setter," said Omer Tetik, BT Chief Executive Officer. "Banca Transilvania has incurred great benefits from its long-term relationship with IFC, not only in terms of obtaining financing facilities from a shareholder but also by having access to the vast SME banking and emerging markets know-how of the institution."

Romania became an IFC member in 1990, and IFC has invested a total of 2.2 billion USD in the country since then. IFC financial markets strategy in Central and Southern Europe is to partner with systemic banks in order to sustain economic growth and job creation. IFC has invested across a variety of sectors and works to provide access to finance for smaller businesses in region.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  2780 Views
Daily Info
EIB offers Romania 13 billion Euro financing in 25 years

The European Investment Bank (EIB) has granted Romania 13 billion Euro worth of loans since starting its operations in the country, in 1992, according to a report of the insti...

Germanos stores in Romania rebrand into Telekom

Telekom Romania, the second-biggest telecom group on the local market, has started the rebranding process of the Germanos shops into Telekom.

OMV Petrom doubled its profit last year

OMV Petrom had a 2.49 billion RON profit in 2017, more than double than it had recorded in 2016 (1.04 billion RON), according to a report by the company.

Complet Electro Serv appoints Cristian Laza as new CEO

Complet Electro Serv, part of Altex Romania, has appointed Cristian Laza as CEO of Complet Electro Serv, producer and distributor of electric-IT equipments.

Mol Group posts highest profit in a decade in 2017

Mol Group announced its financial results for 2017. Mol increased its EBITDA by 14 per cent outperforming its 2017 target on the back of a strong financial and operational del...

 
 
   
advertising

advertising

advertising

advertising

More on News
President Iohannis meeting Juncker and Tusk in Brussels, modifications in Romanian justice among topics

President Klaus Iohannis is to meet on Wednesday, in Brussels, with President of the European Commission Jean-Claude Juncker and with President of the European Council Dona...

1 Comment

Contract for the purchase of 227 Piranha V armored personnel carriers, signed in presence of PM Tudose

The contract for the purchase of 227 Piranha V armored personnel carriers was signed on Friday in the presence of Prime Minister Mihai Tudose, Deputy Prime Minister Marcel ...

President Iohannis: The Romanian society is mature and active and needs a state to match it

President Klaus Iohannis stated, on the occasion of the annual meeting with the heads of diplomatic missions accredited in Bucharest, that the Romanian society is a mature ...

2 Comments

Iohannis: Justice independence, public positions' integrity are constitutional values not to be negotiated

Promoting the rule of law and Justice independence, fighting against corruption, ensuring integrity in public positions and dignities are constitutional values that cannot ...

1 Comment

PM-designate Dancila: "It's important to implement governing programme"

Prime Minister-designate Viorica Dancila stated that it's important to put into practice the governing programme, but also 2018- the Centennial Year and prepare to take ove...

1 Comment

Iohannis: Romania's progress bound to stable legislation able to punish abuses

Romania's progress is inseparably bound to a coherent, stable legislation able to punish abuses and dishonesty, said President Klaus Iohannis, pointing out that the governm...

4 Comments

Mihai Tudose announces his resignation as prime minister

Mihai Tudose announced on Monday evening, at the end of the Social Democrat Party (PSD) National Executive Committee (CExN) meeting, that he resigns as prime minister of Ro...