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SKOPJE (North Macedonia), December 2 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said that it is considering lending up to 3 million euro ($3.3 million) to North Macedonia-based Sparkasse Bank Macedonia for on-lending to private individuals for housing purposes.
The project will support Sparkasse Bank's competitiveness by providing much-needed long term funding to support the growth of its retail portfolio, the EBRD said in a statement.
Sparkasse Bank is a unit of Austria's Steiermarkische Bank und Sparkassen, which recently acquired a majority stake in another North Macedonia-based lender - Ohridska Banka. Sparkasse Bank and Ohridska Banka are expected to merge in 2021, creating the country's fourth largest bank with a market share of 12-13%, according to the EBRD.
($ = 0.9077 euro)