The EBRD has signed investments worth a total of €200 million with Piraeus Group subsidiaries in Bulgaria, Romania and Albania as part of a package approved in July 2010. The aim is to provide medium and long-term debt financing through Piraeus Group subsidiaries in support of SMEs and corporate organisations for investment and working capital needs.
The EBRD investments are part of the joint pledge by the EBRD, the World Bank Group and the European Investment Bank (EIB) to provide over €24.5 billion in support of the banking sectors in the region and to fund lending to businesses hit by the global crisis.
The credit lines will contribute to the transition process by maintaining an essential flow of lending to enterprises at a time when the availability of credit, particularly to SMEs, has been constrained.
The Client
Three Piraeus Group subsidiaries in Bulgaria, Romania and Albania. Piraeus Bank Group is one of the most dynamic and active financial organisations in Greece, South-eastern Europe and Eastern Mediterranean, but also has presence in the financial centres of London and New York. At the end of June 2010, the Group had a network of 878 branches and employed 13,362 people.
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