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Romania's Libra Internet Bank raises 4.29 mln euro in bond placement

Romania's Libra Internet Bank raises 4.29 mln euro in bond placement Libra Internet Bank general manager Emil Bituleanu

BUCHAREST (Romania), March 25 (SeeNews) - Romania's Libra Internet Bank said it has successfully completed its first private bond issue ahead of schedule, raising 4.29 million euro ($5.3 million) from investors.

The subscription period ran from March 17 to March 24, Libra Internet Bank said in a press release on Tuesday. 

The bank announced at the beginning of the month that it plans to launch a private placement by offering 10 million euro worth of debt paper, with a possibility of increasing the amount. The bond placement was scheduled to be completed by March 31.

The placement was brokered by Tradeville, with 27 subscriptions from investors, most of them via the online platform. The 10-year bonds of 500 euro in par value each carry a 5% interest payable half-yearly and a maturity of 10 years.

"The investors appreciated the simple and clear strategy, the fact that we have access to different industries, as well as the decisive steps we have taken towards technological development," Libra Internet Bank general manager Emil Bituleanu said.

Libra Bank's net profit rose to 100 million lei ($23 million/21 million euro) last year, compared to 95 million lei in 2018.

Libra Internet Bank has a network of 55 branches in Romania, serving over 100,000 customers with liberal professions, SMEs, as well as corporate and agribusiness clients.

The bank, a member of US-based investment group New Century Holdings since 2003, operates three IT centres in Romania - in Bucharest, Craiova and Cluj-Napoca.

(1 euro=4.8367 Romanian lei)