BSTDB Enhances Support for Leasing in Romania

News | 29-Aug-2018

The Black Sea Trade and Development Bank (BSTDB) is providing an additional EUR 5 million loan to Garanti Leasing (Romania) to fund the leasing of commercial vehicles and equipment by Romanian small and medium-sized enterprises (SMEs). The new loan is extended after the successful utilization of the EUR 10 million facility signed in September 2017, which resulted in 114 leasing transactions. BSTDB expects that the additional loan would allow Garanti Leasing to finance over 150 lease transactions in aggregate. The operation will generate a development impact for the Romanian economy through job creation, export capacity building and improved competitiveness of the SME sector.

Garanti Leasing, subsidiary of a leading Turkish financial group - Garanti Bank (GBT) - undertakes financial leasing activities through its head office in Bucharest and six leasing offices across the country. The company has been operating in Romania since 1998, having disbursed amounts for assets under lease for more than EUR 862 million. Garanti Leasing is part of GBT’s strategic investment in Romania. The Group’s investments in Romania include Garanti Bank SA and Ralfi IFN SA. Bank Banco Bilbao Vizcaya Argentaria S.A. (BBVA) of Spain is GBT’s majority shareholder with 49.85% share.

Last month, BSTDB provided a EUR 7 million revolving facility to Garanti Consumer Finance (Ralfi IFN), also part of Garanti Group in Romania, to finance energy efficiency, renewable energy and water-saving solutions in the residential housing sector.