EBRD extends financing to Piraeus Bank Romania, Piraeus Bank Bulgaria, and Tirana Bank in support to the real economies in the region

The EBRD has signed today three credit lines worth a total of €200 million with subsidiaries of Piraeus Bank in Romania, Bulgaria, and Albania for on-lending to businesses in their respective countries.  Under the project Piraeus Bank Romania will receive €90 million, Piraeus Bank Bulgaria will receive €70 million, and Tirana Bank will get €40 million of new funding from the EBRD.
The EBRD financing will provide the three banks with medium term senior funding to support their funding base, diversify and extend the maturity of their liabilities and enhance their lending to the economy as well as strengthen further their presence in these markets.

”The EBRD is pleased to expand its cooperation with the subsidiaries of the Piraeus group in the region, as support for the banks and the real economy is particularly important given the relative fragility of the economic recovery in much of south-eastern Europe. The project will help to ensure a continued flow of credit to private companies operating in Romania, Bulgaria, and Albania at a time when businesses are still facing difficulties in obtaining funding for their operation and development’, said Nick Tesseyman, EBRD Managing Director for Financial Institutions.

news links: EBRD link: article