about us | newsletter | contact | archive | members area
Bogdan Nitulescu, Tremend
Cryptocurrencies volatility is a big problem»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   INFRASTRUCTURE   |   GREEN   |   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
'.$nr_comm.' comment:
'; } else { echo 'There are '.$nr_comm.' comments:
'; } while ($row = mysqli_fetch_array($result, MYSQLI_ASSOC)) { echo '
'.$row['nume'].": on ".$row['data']."
"; //echo str_replace('\n','
',$row['comentariu']); echo nl2br($row['comentariu']); echo '
'; } ?>

0 Comments  |  6897 Views
Daily Info
Smart city is not a fad, it's a necessity

In June 2018, the ranking of the most "smart" cities in the world was published. In other words, the most advanced cities in terms of human capital, social cohesion, the econo...

Ondrej Safar, CEZ Group: "Romania can become a hub for international smart solutions providers"

"We are already in the digital age, so the upward trend of implementing smart solutions is inevitable in all areas," he tells The Diplomat-Bucharest. "Especially in terms of u...

Telekom Romania, a strong supporter of Smart City development in Romania

Just like many other countries in the world Romania is now facing an unprecedented growth of the urban population, which can be both beneficial and detrimental for the society...

In the industrial era, the fight was for finite material resources. Not anymore

Now organizations fight and develop themselves for and around their talent. In a nutshell, getting ahead in today's business world is all about attracting and inspiring an e...

Richard Sareczky, Mol Limo: "We look at expansion locations across CEE including Romania"

Consumer mobility behaviour is changing, leading to up to one out of ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-p...

 
 
   
advertising

advertising

advertising

More on News
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania

Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania.

2 Comments

ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.

3 Comments

The Romanian labour market needs a well-thought approach, says FIC

The Foreign Investors Council (FIC) has signaled in the past 2-3 years that its members are anticipating increasing strains on the Romanian labour market because starting w...

1 Comment

Revolut gets European banking license

Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has fi...

1 Comment

Dacia receives 115.8 million RON in state aid from the Finance Ministry

The Romanian Finance Ministry has signed five more grant agreements under the state aid scheme, and among the beneficiaries are Automobile Dacia, with RON 115.8 million.

1 Comment

EBRD cuts economic growth forecast for Romania

Romania's economy will grow by 4.2 per cent this year and by 3.6 per cent in 2019, according to the most recent forecast released by the European Bank for Reconstruction an...

1 Comment

OTP Bank Romania signs investment funds distribution deal with Eurobank Fund Management Luxembourg

OTP Bank Romania signed a partnership with Eurobank Fund Management Company (Luxembourg) for the distribution of investment funds in Romania. Thus, from December 1st, OTP B...