Czech Export Bank boosts lending portfolio 14.6% y/y last year.

By bne IntelliNews January 22, 2010
The Czech Export Bank (CEB) provided loans and guarantees to local exporting companies in the value of CZK 23.5bn (EUR 888.6mn) in 2009, which represented a 14.6% y/y growth, according to preliminary data published on the industry ministry data. The value of the provided loans grew by 16% y/y to CZK 19bn. CEB shareholders approved a 47.5% capital hike to CZK 2.95bn (EUR 107.7mn) in April last year with the objective to support exports as part of the countrys anti-crisis package. After the capital hike, the stake of the state institutions will be 72.9% and that of the state insurance company Export Guarantee and Insurance Corporation (EGAP) 27.1%. CEB mediates state support to exports by granting and financing export credits among others. In August the international rating agency Moodys downgraded CEBs long-term foreign currency issuer and senior unsecured ratings to A1 from Aa1 with a stable outlook.

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