The European Bank for Reconstruction and Development (EBRD) said it has approved a senior unsecured loan of up to 20 million euro ($24 million) to Serbia’s top lender, Banca Intesa Belgrade (BIB), for on-lending to companies with increased liquidity needs amid the COVID-19 pandemic.
“The project will contribute to ensure resilience and preserve competition in Serbia’s financial sector. The facility will help BIB to maintain the full level of its operations, remain an effective market player during the Covid-19 pandemic (resilient) and will enable BIB to continue commercial lending in line with comparable banking sector participants (competitive),” the EBRD said in a statement on Wednesday.
The financing will also allow Banca Intesa Belgrade to continue lending to eligible SMEs in Serbia, it added.
Belgrade-based Banca Intesa holds a leading position on Serbia’s corporate and retail banking market, and controlled 16% of total bank assets at end-2019, the EBRD noted.
The lender has some 3,000 employees and a branch network of 154 offices across the country, SeeNews reports.
