EBRD PLANS TO ACQUIRE SHARE IN UNIONBANK

Business | May 10, 2002, Friday // 00:00

The European Bank for Reconstruction and Development (EBRD) plans to acquire a share in Bulgaria?s Unionbank to help the bank strengthen its leading position in the sector of servicing small and medium enterprises. EBRD intends to acquire up to 36,75% of the capital of the Bulgarian credit institution by investing up to EUR 3,1 M in equity. The project will be discussed by the Board of Directors of EBRD on June 25. EBRD and Unionbank have been working together for several years now. In July 2000, EBRD extended a EUR 3 M credit to Unionbank for financing small and medium enterprises. Last year EBRD provided EUR 1,5 M to Unionbank under its program for warehouse receipts.
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