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EBRD grants funding line for Czech bank
A leading Czech bank will increase its support for exports from the Czech Republic as a result of a loan from the European Bank for Reconstruction and Development (EBRD) signed Friday in London. The US$ 50 million (ECU 41.7 million) loan is to Investicni a Postovni Banka a.s. (IPB).
Kurt Geiger, Senior Banker in the EBRD Financial Institutions Team, who signed the agreement, said: "By providing IPB with a medium-term export finance funding line the EBRD is helping the Czech Republic to develop its industrial products and services exports."
The proceeds of the loan will be used for medium and long-term export and pre-export finance of products and services of Czech industrial companies. The EBRD's loan will help IPB to expand its export finance business and will provide much-needed funding for Czech companies whose traditional sales markets are export oriented.
IPB is one of the oldest Czech banks and was privatised in the country's first wave of privatisation. Currently it is the Czech Republic's third largest bank in terms of assets, and is among the market leaders in corporate finance and investment banking.
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