European Investment Bank lends EUR 45 mln to Romanian CEC Bank for financing local SMEs

The European Investment Bank (EIB) recently agreed to lend EUR 45 million to the Romanian CEC Bank to finance projects for small and medium-sized enterprises, midcap companies and public entities in Romania, the two banks announced. The first installment of the loan is EUR 15 million. “ This represents further support under favorable conditions for projects implemented by these companies that are crucial for the development of the Romanian economy, particularly in terms of creating new job opportunities and fostering economic growth and competitiveness,” said Mihai Tanasescu, EIB Vice-President responsible for lending operations in Romania. Financing SMEs is a strategic priority for the Romanian lender, these companies representing 63 percent of the bank’s portfolio at the end of 2012. Since the beginning of 2013, CEC Bank has received approval from international financial institutions totaling EUR 70 million, representing financing opportunities for corporate clients given in attractive cost conditions and loan reimbursement period adapted to their specific needs, according to the bank. The European Investment Bank is an European Institution that offers long-term lending services and is owned by the EU Member States. CEC Bank had a gross profit of some EUR 7.6 million (RON 33.5 million) in 2012 and its portfolio of loans to corporate customers went up 32 percent, compared to the previous year. The bank’s assets increased by 8.5 percent last year. In 2012, CEC Bank increased the number of individual customers by around 100,000, while the number of corporate clients also went up by some 15,000. The Romanian lender has a total of 3.3 million individual customers and 147,000 corporate clients, over 1,100 agencies and branches and around 6,540 employees. Irina Popescu, irina.popescu@romania-insider.com (photo source: the bank)