about us | newsletter | contact | archive | members area
"There is a big lack of skilled professionals because so many skilled people work abroad"
Walter Friedl, Lacerta Winery»
  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  |  2708 Views
Daily Info
AFI Europe Romania posts net operating income of over 37 million Euro in the first nine months

AFI Europe Romania published its financial results, with the net operating income from its income producing assets in Romania of over 37 million Euro in the first nine months ...

Openville Timisoara to open in the fourth quarter of 2018

The Openville Timisoara development, the largest mixed-use project in the west of Romania will be opened in the fourth quarter of next year, upon completion of the first phase...

URBB posts record production figure in 2017

United Romanian Breweries Bereprod (URBB) registered a record production figure exceeding two million hectolitres for the period January-November 2017, representing a 10 per c...

Cristian Busu has been reappointed president of Electrica's board

Cristian Busu has been reappointed president of Electrica board, the electric energy supplier. He is a member of the board since 2014 and was chosen in this position during th...

Transelectrica inaugurated the Campia Turzii station, fully refurbished with 9 million Euro

Transelectrica inaugurated the 220/110/20 kV Campia Turzii (Cluj County) electricity station, after an investment of about 42 million RON (9 million Euro).

 
 
   
advertising

advertising

advertising

advertising

advertising

advertising

advertising

More on News
Iohannis: Romania has made progress with equal opportunities, needs to speed up gap bridging

Romania's President Klaus Iohannis said that although important progress has been made in Romania in terms of gender equality, the country needs to speed up bridging the ga...

PM Tudose: We will shortly come up with new form of split VAT collection

A new form of split VAT collection, which will respond to the requests made in this period by business representatives, will be presented shortly, Prime Minister Mihai Tudo...

Iohannis: Advanced presence on Eastern Flank must be reinforced, especially in Black Sea

President Klaus Iohannis stated on Monday that the advanced presence on NATO's Eastern Flank must be reinforced.

MAE requests Ukraine to adopt necessary measures so that Romanians learn in their mother tongue

The Foreign Affairs Ministry (MAE) announced that it will continue to take steps with the international authorities to signal the negative impact of the legislative amendme...

Former PM Ciolos: We cannot risk Romania's future

Former Prime Minister Dacian Ciolos was present Sunday evening at the protest in Bucharest, on which occasion he argued that he considered joining the manifestations becaus...

PM Tudose reaffirms commitment to unconditional partnership with Romanian Army

The government of Romania has always been and will stay an unconditional partner to the Romanian Army, Premier Mihai Tudose said in a message on the National Army Day.

Romania initiates first meeting of EU Council Presidencies' Trio with Finland and Croatia

Minister-Delegate for European Affairs Victor Negrescu has initiated on Monday in Brussels, the first, minister-level meeting of the Trio of Presidencies that Romania is du...