The EBRD is considering providing a senior loan to Allianz Bank Bulgaria (“ABB”) in the amount of €20 million for on-lending to SME companies.
The proceeds of the loan will be used to provide short, medium and long-term financing to Bulgarian private independent SME companies, defined according to the EU definition.
The project also aims to improve ABB’s reach of SME funding, especially given limited availability for medium and long-term financing under the current financial crisis.
The EBRD’s facility will increase the provision of long-term funding available in the banking sector to be channelled to SME lending and, therefore, allow private entrepreneurs to access bank financing for production, trade and services during the critical crisis times.
ABB is a private commercial bank organised and functioning under the law of Bulgaria. ABB is the 13th largest Bulgarian bank, with a 2.3% market share of total banking assets as of June 2009, 110 branches countrywide.
ABB is owned 66% (directly and indirectly) by Allianz Group, one of the largest financial services groups worldwide.
A senior SME loan to ABB in the amount of €20 million.
ABB will be required to comply with EBRD’s Environmental Performance Requirement (“PR”) 9 when making local loans and will be required to conduct its business in accordance with PR 2. ABB will be required to comply with applicable national environmental, health and safety and labour requirements, adhere to the EBRD's Environmental and Social Exclusion and Referral Lists, and submit annual environmental and social reports to the Bank.
Allianz Bank Bulgaria AD
20, "Petko Todorov" Blvd.
1408 Sofia, Bulgaria
Tel: +359 2 9215 474
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