BSTDB supports high-tech sector development in Greece and in the Black Sea region
Press Release | 22-Sep-2010
BSTDB made available a EUR 15 million senior corporate loan to Velti S.A to finance its activities and expansion in Greece and other countries of the Black Sea region.
The proceeds of the loan will be used to finance the working capital and investment needs of Velti, as well as the company’s acquisition or expansion in the Black Sea region.
The importance of the financing in the current challenging market conditions illustrates the confidence BSTDB has in providing financing to well-managed companies. The operation has a significant regional dimension as well as high developmental impact arising from the retaining of employment posts in Greece and in other BSTDB member-countries, including Bulgaria, Russia and Ukraine, where VELTI has offices.
“This project demonstrates the bank’s intention to significantly increase the operations portfolio in Greece providing the much-needed financing under the current challenging economic conditions“, stated the BSTDB Secretary General George Kottas signing the loan agreement.
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Founded in Greece in 2000 as a private software and application service provider, Velti is nowadays one of the leading international companies providing solutions for mobile marketing and advertising. Recently the company started expanding its business globally. Velti has over 450 clients in media, advertising and mobile communications sectors and is able to conduct campaigns in more than 35 countries. Since its establishment the company showed consistent capitalization growth and profitability. In 2009 the group generated almost EUR 65 million in sales with profit of over EUR 4.6 million.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,5 billion). BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.
Press Contact
Haroula Christodoulou
Tel: +30 2310 290533
Email: cchristodoulou@bstdb.org