January 17 (SeeNews) - Romanian brokerage group SSIF [BSE:BRK] said that it has signed an agreement to borrow 4.9 million lei ($1 million/991,800 euro) from local lender TechVentures Bank to finance its working capital needs.
Each use of the credit will have a maturity of up to 10 working days, SSIF said in a filing with the Bucharest Stock Exchange on Monday.
TechVentures Bank will charge a floating interest rate equal to the three-month ROBOR plus 5%. The loan is to be fully repaid by January 15, 2024.
Cluj-Napoca-headquartered SSIF BRK Financial Group was founded in 1994. It offers financial investment services for retail and institutional clients. TechVentures Bank was established in 2009 by Valer Blidar as Banca Comerciala Feroviara and was rebranded to its current name in 2020. The bank primarily addresses SMEs, as well as the retail sector.
SSIF BRK shares traded 0.46% lower at 0.1288 lei as of 1004 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.9405 lei)