Raiffeisen Bank Romania sees the color of EBRD’s money

Newsroom 28/09/2009 | 15:57

The move is part of the EBRD's effort to strengthen banks in Ukraine, Romania and Russia and help address the impact of the international financial crisis on the real economies of the three countries. The aim of the subordinated credits is to strengthen the capitalization of Raiffeisen International's network of banks in order to support their lending to enterprises.”This transaction reinforces the commitment of the EBRD and of Raiffeisen International to the region during this challenging period. Maintaining the stability of the banking sector is a crucial component of the response to the international crisis,” said EBRD president, Thomas Mirow. The funding offered by the EBRD is part of a coordinated package for Raiffeisen International, which along with financing from the European Investment Bank and the World Bank Group, amounts to a total of EUR 1 billion. The investment is part of the joint pledge by the three international financial institutions to provide over EUR 24.5 billion in support of banking sectors in the region and to fund lending to businesses hit by the global crisis.”The decisive actions taken by the EBRD were very supportive for the region. They have contributed significantly to stabilizing Central and Eastern Europe and to cushioning the impact of the financial crisis on the transformation process. In addition to our own operational alignment, the financing package will strengthen our subsidiaries, which is also for the benefit of the local economies,” said Herbert Stepic, CEO of Raiffeisen International. So far this year, the EBRD has committed over EUR 2.2 billion to the financial sector in the countries where it invests. As a result of increased demand for the bank's assistance, the EBRD is raising the level of its overall investments to up to EUR 8 billion this year.
Anda Dragan

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