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EBRD arranges 2nd syndicated loan for NLB Tutunska banka
€55 million to meet growing demand from business
The EBRD is lending FYR Macedonia’s NLB Tutunska banka (“NLB TB”), majority
owned by Slovenia’s largest bank, Nova Ljubljanska Banka (“NLB”), €55 million
to help meet private businesses’ and retail customers’ growing demands for
finance. The EBRD is syndicating €36 million to 11 international banks, the
second syndication for NLB TB in just two years.
Jean-Marc Peterschmitt, Director for Bank Relationships at the EBRD said that
the transaction demonstrated the ability of a good Macedonian bank to tap
successfully the international syndicated loan market and would provide NLB TB
with competitive funding to better serve its clients’ needs and support the
growth of the local private sector.
Established in 1985, NLB TB is the third largest bank in FYR Macedonia with
16.8% market share by total assets, employing more than 400 staff in 22
branches across the country. NLB TB is one of the most dynamic banks on the
market, growing faster than then market average both in terms of loans and
deposits. In October 2001, NLB Group became majority shareholder in the bank
as part of its strategy to expand in south-eastern Europe and holds today 81%
of NLB TB’s capital.
This latest EBRD loan builds on previous cooperation between the EBRD and NLB
TB. In 2000, NLB TB received a €3 million limit from the EBRD’s Trade
Facilitation Programme, which supports international trade transactions. In
2004, the EBRD provided a €20 million loan under a syndication of 10
international banks, the first ever for a bank in FYR Macedonia.
Gjorgji Jancevski, First General Manager of NLB TB, said this second EBRD
syndicated loan represents an important achievement and confirmation of our
success. Our strategy to promote NLB TB to the international financial
markets, which we started implementing with the first EBRD syndicated loan has
proven to be the right one, said Mr Jancevski. This is proven by the interest
of international banks in the syndication as well as the margin achieved.
Furthermore, the success of this project is a signal that foreign investors
are interested to invest in the country, which reflects the continued
improvement of the country’s rating from rating agencies, he added.
The EBRD is the largest investor in FYR Macedonia, having committed more than
€409 million in 26 projects across the country in sectors ranging from banking
to power and agribusiness to transport.
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