Credit Europe Bank Romania gets 40 mln euro EBRD loan to support SMEs

Credit Europe Bank provides banking products and services to individuals, small and medium-sized businesses and large companies in Romania. It is strategically focused on growing its business with micro, small and medium-sized enterprises (MSMEs) and aims to strengthen its market position by offering competitive products in this sector, the EBRD said in a press release.

“We are pleased to partner with Credit Europe Bank (Romania) in order to improve access to finance for Romanian MSMEs, the backbone of the Romanian economy. Bank and non-bank finance for small businesses remains limited and broadening access to finance is one of the EBRD’s priorities here in Romania,” EBRD Regional Director for Romania and Bulgaria, Matteo Patrone, said.

The loan will also contribute to the expansion of the MSME lending market in Romania, EBRD Director for EU Banks Lucyna Stanczak-Wuczynska added.

Credit Europe Bank (Romania), the EBRD's newest partner bank in the country, is owned by the Netherlands-based Credit Europe Bank NV which is part of the Fiba Holding AS Turkey.

"Diversifying our funding sources will assist in ensuring improved flexibility in offering competitive access to finance for Romanian small and medium-sized businesses,” said Yakup Cil, CEO of Credit Europe Bank Romania.

The EBRD is a leading institutional investor in Romania. It has invested over 7.3 billion euro to date in more than 380 projects and mobilised more than 14 billion euro from other sources of financing.

($ = 0.9626 euro)