The project is supported by matching EUR14m equity investment provided by WCP Cooperatief U.A, an affiliate of the private equity fund Wolfensohn Capital Partners.
Innova Capital, which owns majority stake in Meritum Bank, is also providing additional EUR6m equity investment.
EBRD director for Financial Institutions Jean Marc Peterschmitt said EBRD is pleased to partner with the Wolfensohn Capital Partners private equity fund to support the continuing growth of Meritum Bank following the significant restructuring undertaken by Innova and the bank’s management team since the original acquisition in 2007.
"The bank’s business model is innovative, focused on consumer finance, but also on lending to micro and small businesses, which is one of EBRD’s key priorities," Peterschmitt said.
Meritum Bank board of managers president Piotr Urbanczyk said closing the recapitalization process of Meritum Bank and gaining two new strong partners will enable the bank to increase the scale of its operations significantly.
"Currently, we have one of the most attractive offers on the market, directed to individual customers and small companies. We have implemented several progressive technological solutions, which have ensured our competitive edge in the market," Urbanczyk said.
