Privredna banka Zagreb d.d. (PBZ), the second largest bank in Croatia, has won the award for the most active trade finance bank in the country. Every year this award honours the most successful participants in the EBRD’s Trade Facilitation Programme (TFP) in the Bank’s countries of operation.
Launched in 1999, the TFP aims to promote foreign trade and currently includes over 100 partner banks in 26 of the countries where the Bank invests, with limits exceeding €1.5 billion in total, and more than 800 confirming banks worldwide.
PBZ joined the programme in 2009 when it signed a revolving credit agreement to support their trade finance activities with a special focus on longer tenors and exports from Croatia.
Since then, a large number of PBZ transactions have benefitted from the TFP, including pre-export and post-import financing to supporting exports by PBZ clients in pharmaceuticals, shipbuilding, agriculture, food products, timber and metallurgy to Europe, the Commonwealth of Independent States, Central Asia and the Caucasus.
Vedrana Jelušić Kašić, EBRD Director for Croatia, said: "We warmly congratulate Privredna banka Zagreb on this highly deserved recognition. PBZ’s determination to support trade finance even in challenging times has been impressive and we are pleased that this is now being honoured with this award. At the same time, the EBRD is proud to have contributed to this success with our Trade Finance Programme."
Ivan Gerovac, member of the PBZ management board, added: "On behalf of Privredna banka Zagreb, I would like to thank the EBRD for this prestigious award. It is proof that our permanent efforts to improve our support for our clients by providing them with tailor-made products in trade finance have been successful. We will continue to further develop our cooperation with the EBRD, our important strategic partner for many years, in this particular area, thus enabling our clients to increase their exports for the benefit of their individual companies as well as the Croatian economy."
As a member of Intesa Sanpaolo Group, the second largest banking group in Croatia, PBZ has more than 1.6 million clients and the most extensive branch network in the country with 197 branches. On top of its core banking services, PBZ offers a diverse range of specialised services including leasing, credit card services, real estate business and fund management. See their website for more information.
Since the beginning of its operations in Croatia in 1991, the EBRD has invested more than €3.1 billion in the country through over 170 projects. The Bank’s activities include all areas of the economy and are especially strong in the infrastructure, corporate, financial institutions and energy sectors.