The credit line is part of the EUR100m financing package provided by the EBRD to three of Intesa Sanpaolo Group’s subsidiaries in eastern Europe.
Majority-owned by the Intesa Sanpaolo Group, Banca Intesa Beograd in Serbia has a nationwide network servicing over 1.4 million corporate and retail customers.
The proceeds of the EBRD loan will be used to finance the investments and working capital needs of private businesses operating in Serbia with short, medium and longer term loans of up to EUR2.5m.
In 2009 the EBRD provided to Banca Intesa Beograd a EUR10m credit line for financing energy efficiency investments undertaken by Serbian companies.
The EBRD facility offered to Intesa Sanpaolo Group also includes a EUR20m credit line to Intesa Sanpaolo Bank in Bosnia and Herzegovina and a EUR50m to CIB Bank in Hungary.
Hildegard Gacek, director for Serbia at EBRD, said: “We are pleased to continue our cooperation with Banca Intesa Beograd with the aim of boosting support for the growth of the real economy in Serbia in the current environment, when businesses face limited access to financing needed for their development. The credit line will enable Banca Intesa Beograd to enhance its role in financing private SMEs and to increase the competition in this sector.”
Draginja Duric, president of the executive board of Banca Intesa Beograd, said: “It is a great pleasure to see that the EBRD has selected our bank again this year as a partner in supporting the development of small and medium enterprises. In the ongoing economic downturn this project complies with our strategic determination to expand our offer to SMEs in the spirit of the support to the entire economy. I am sure that this credit line will be implemented successfully, will achieve good results and will live up to expectations of all project participants.”
