Piraeus Bank Bulgaria to get EUR 70mn credit line from EBRD.

By bne IntelliNews October 6, 2010
The country's seventh-largest lender Piraeus Bank Bulgaria will receive a EUR 70mn credit line from the EBRD in line with a signed agreement, the EBRD said on its website. The financing is part of a EUR 200mn credit line to the three subsidiaries of Greek Piraeus Bank in Romania, Bulgaria, and Albania for on-lending to the business. The facility will provide the three banks with medium-term senior funding to support their funding base, diversify and extend the maturity of their liabilities and enhance their lending to the economy as well as strengthen further their presence in these markets. The package of loans will be provided in two equal tranches and is part of the Joint International Financial Institutions Action Plan, unveiled in February 2009) under which the EBRD, the WB and the EIB pledged to provide EUR 24.5bn in two years to support the economies of eastern Europe via the banking sectors.

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