ProCredit gets 150m RON from 7 local banks

ProCredit Bank, a small-sized bank that focuses on niche funding for micro-businesses, as well as small and medium-sized enterprises, has contracted a 150 million-RON (42.6 million euros) syndicated loan from seven banks in the system. The funds raised are to be used to sustain its crediting activity. “We originally planned on attracting 120 million RON, however, it soon became pretty obvious that there was a big interest in it, the facility was oversubscribed and we decided to contract 150 million RON,” said Michael Kowalski, general manager of ProCredit Bank. The total subscribed sum stands at 170 million RON. The loan has a five-year maturity, which Kowalski believes is quite long, as transactions handled on the inter-bank monetary market usually have a maturity of less than three months.