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EBRD lends support to Croatian small enterprises
€20 million credit line to Erste & Steiermärkische Bank d.d. Zagreb
The European Bank for Reconstruction and Development threw its support behind Croatia's SME sector today, unveiling a €20 million credit line to Erste & Steiermärkische Bank d.d. Zagreb (ESB) that will expand the bank's medium-term lending capacity to small and medium-sized enterprises.
Noreen Doyle, the EBRD's First Vice President, said small businesses in Croatia need finance if they are to succeed, which is why it is important to strengthen the lending capacity of local banks. She described the enterprise sector as an essential engine for long-term growth.
Erste & Steiermärkische Bank was formed in September 2000 through the merger of three highly successful regional banks with a long track record and experience in the local market: Bjelovarska, Trgovacka and Cakovecka banka. The bank has already established itself as one of the leading foreign banks on the market and has ambitious growth plans.
Strategic shareholders of ESB are two of the leading banks in Austria and Central Europe: Erste Bank der Oesterreichischen Sparkassen AG and die Steiermärkische Bank und Sprakassen AG, who jointly hold 83% of the share capital of Erste & Steiermärkische Bank.
ESB is the eighth largest bank in Croatia with approximately €667 million in assets and €67 million in shareholders equity at the end of 2001.
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