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Credit Europe Bank has signed the contract for a syndicated loan worth 110 million EUR which will drive lending operations up 100%, according to Vice President Omer Tetik. "We will use the loan to develop the bank, especially on the corporate lending segment, where we also expect a 100% growth of our operations. We will focus less on small- and medium-sized enterprises," Tetik told Rompres.
The loan will come from Alpha Bank, Mashreqbank and Raiffeisen Zentralbank Osterreich for 2 years. The interest is EURIBOR + 0.9%, according to Tetik. The syndicate also includes Doha Bank, National Bank of Egypt, Standar Bank, Vakifbank International AG, American Express Bank GmbH, Commerz Bank AG, Wachovia Bank, LRP Landesbank Rheinland-Pfalz, National Bank of Greece, Atlantic Fortaitierungs AG, WGZ AG.
The initial syndication was 60 million EUR, but it was oversubscribed at 110 million EUR. The bank has so far taken four syndicated loans. The first in 2004 - 15 million EUR, the second in 2005 - 55 million EUR, the third in 2006 - 60 million EUR and the fourth also in 2006 - 45 million EUR.
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