The European Bank for Reconstruction and Development (EBRD) is providing EUR 40 million financing, in three tranches, to Credit Europe Bank to continue supporting Romanian small businesses.
“We are pleased to partner with Credit Europe Bank (Romania) in order to improve access to finance for Romanian micro, small and medium-sized enterprises (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,” Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, stated.
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 MSMEs and aims to strengthen its market position by offering competitive products in this sector.
“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,” Yakup Cil, Chief Executive Officer of Credit Europe Bank (Romania), added.
Credit Europe Bank (Romania) is owned by the Netherlands-based Credit Europe Bank NV which is part of the Fiba Holding AS Turkey.
EBRD has invested over EUR 7.3 billion to date in more than 380 projects in Romania and mobilised more than EUR 14 billion from other sources of financing.