The European Bank for Reconstruction and Development (EBRD) is providing €40 million financing, in three tranches, to Credit Europe Bank, its newest partner lender in Romania, to continue supporting local small businesses.

Established in 1993, Credit Europe Bank (Romania) provides banking products and services to individuals, small and medium-sized businesses and large companies in Romania. It is strategically focused on growing its business with micro, small and medium-sized enterprises (MSMEs) and aims to strengthen its market position by offering competitive products in this sector.

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, said: “We are pleased to partner with Credit Europe Bank (Romania) in order to improve access to finance for Romanian MSMEs, the backbone of the Romanian economy. Bank and non-bank finance for small businesses remains limited and broadening access to finance is one of the EBRD’s priorities here in Romania.”

Lucyna Stanczak-Wuczynska, EBRD Director for EU Banks, commented: “Our financing will support Credit Europe Bank (Romania) to strengthen its funding base and diversify its funding sources. The EBRD loan will ensure long-term financing that will support the business development plans of Credit Europe Bank (Romania) in the MSME sector and contribute to the expansion of the MSME lending market in Romania.”

Yakup Cil, Chief Executive Officer of Credit Europe Bank (Romania), said: “The recent partnership between Credit Europe Bank (Romania) and the EBRD underlines the bank’s market positioning and allows it to further consolidate its high quality services in MSME financing. Diversifying our funding sources will assist in ensuring improved flexibility in offering competitive access to finance for Romanian small and medium-sized businesses.”

Credit Europe Bank (Romania) is owned by the Netherlands-based Credit Europe Bank NV which is part of the Fiba Holding AS Turkey.

The EBRD is a leading institutional investor in Romania. It has invested over €7.3 billion to date in more than 380 projects and mobilised more than €14 billion from other sources of financing.

Source: EBRD statement