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Bucharest, 27th of November 2006
The International Finance Corporation, the private sector arm of the World Bank Group, will provide US$50 million financing to Finansbank Romania S.A. (the Bank") to support its expansion into small and medium enterprises ("SMEs").
IFC's financing includes a seven year loan of EUR20 million and an additional tranche available in local currency. Loan is particularly structured to provide funds to financially underserved SMEs of Romania.
Shahbaz Mavaddat, IFC's Director for Southern Europe and Central Asia, said, "IFC is pleased to work with Finansbank Romania to provide much needed long term funding to SMEs in this country. Improving SMEs' access to finance through an innovative private commercial bank is important to prepare this significant segment of the economy for upcoming competition from EU.
Jyrki Koskelo, IFC's Director of Global Financial Markets, said, "Our financing particularly aims to encourage improvements of sustainability standards, including environmental and social ones." He added that this financing is also an important signal from IFC showing its support for south - south investment.
The Bank's General Manager, Mr. Tamer Ozatakul pointed out that "The loan agreement is part of the extended financing program for supporting the growth of our Bank and implementing ample development projects. Finansbank Romania, by accomplishing this sealing of trust with IFC, once more proved to be a prudent and reliable financial partner in Romania"
Omer Tetik, Vice President of Finansbank added that "the 7 year loan of EUR 20 million, with 2 years grace period will help us to offer longer term financing to our clients. On the other hand, the second tranche of the loan to be disbursed in local currency is also a clear indication of the growing confidence of foreign markets in RON and Romania's economic performance in the long term".
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit www.ifc.org.
About Finansbank Romania
The Bank was a result of the acquisition of Banca de Credit Industrial si Comercial S.A. by the Turkish FIBA Group in 2000. It is a dynamic bank with around 1.3% market share in Romania in terms of total assets. The Bank provides a wide range of products including SME tailored, corporate and retail banking services through its 60 branches across the country. Finansbank Romania reported a net profit of RON 8.01 million ( EUR 2.24 million) for the first semester of 2006, by 75% increase when comparing to the same period of 2005up from RON 4.56 million ( EUR 1.26 million).
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