English
Ana Săbiescu
Romanian Commercial Bank, market leader according to the value of its assets, yesterday signed a financing agreement with the European Bank for Reconstruction and Development amounting to 100 million Euros.
The bank will receive the funds in a single installment and will use them for lending to small and medium enterprises.
BCR will use the loan taken out from the EBRD in order to ensure medium and long term funding for private companies, to stimulate production, investments, services and to provide working capital.
EBRD considers that by supporting the development of BCR it will also help strengthen Romania"s banking system, that has been affected by the world financial crisis.
The chairman of the European Bank for Reconstruction and Development, Thomas Mirow, recently reiterated the commitment of the EBRD to Romania, in these times of financial instability. The EBRD intends to increase its investments in Romania significantly, after its Romanian investments exceeded 300 million Euros last year.
On that matter, the head of the EBRD said, during his last visit to Romania, that the EBRD may invest 500 million Euros in Romania in 2009, mostly though commercial banks, as well as in the major companies that it has worked with so far.
At the end of 2008, BCR"s corporate loans portfolio was worth in excess of 2.6 billion Euros, and its market share on this segment exceeded 20%.
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