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EBRD extends medium-term loan to leading Estonian bank
As part of its on-going strategy of supporting the banking sector in Estonia, the European Bank for Reconstruction and Development (EBRD) has extended a DM 12 million (ECU 6.5 million) medium-term loan to AS Tallinna Pank (TP), one of the country's leading universal banks. The loan will provide TP with additional medium-term funding for on-lending to the private sector.
"This transaction recognises the pivotal role played by banks in financing private enterprise, especially in small countries such as the Baltic States," said Kurt Geiger, Co-Director of the Financial Institutions Team at the EBRD. "Our hope is that this type of operation will encourage international banks and investors to take a more positive approach to business opportunities in Estonia."
TP, founded in May 1990, is Estonia's fourth largest bank in terms of assets size, but ranks second by volume of foreign exchange transactions and third by volume of retail deposits.
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