BSTDB STARTS ITS TRADE FINANCE PROGRAM IN MOLDOVA WITH MOBIASBANCA
Press Release | 15-Nov-2005
The Black Sea Trade & Development Bank (BSTDB) selected Mobiasbanca as its first financial intermediary to deliver trade finance products in Moldova. BSTDB will extend a EUR 3 million revolving trade finance facility to Mobiasbanca to advance short-term sub-loans to companies in Moldova who export goods to or import goods from other BSTDB member countries. Up to 50% of the facility can be used to finance export of goods from Moldova to non-member countries. Sub-loans made by the bank to its clients will be in amount up to EUR 3 million, with a maximum maturity of 12 months.
“We are glad that the BSTDB’s trade finance program successively functioning in other member countries, is now being extended to Moldova with the assistance of Mobiasbanca. Our two banks share a very important common mission supporting SME sector and promoting export potential in the countries of the Black Sea region. This is a major reason why today we are coming together in one of the concrete implementations of our mandates, demonstrating synergies and a real value added that development institutions shall bring to the market”, stated Mr. Jernov Vice President - Banking of BSTDB.
Mr. Dorin – the Chairman of the Administrative Board of Mobiasbanca has pointed out that signing the agreement has become another successful result of Mobiasbanca continuous efforts to increase access of our clients to lending in foreign currency, including finance of growing volume of international trade operations with the member countries of BSTDB, which are the main countries of exports/imports for the Republic of Moldova. The fact that Mobiasbanca has become the first banking partner of BSTDB in Moldova is one more proof of well-merited recognition of the bank by international financial organizations. He added “We believe this is a start of long successful history of cooperation with our new strategic partner – BSTDB”.
Mobiasbanca is a Moldovan private bank established in 1990 and majority owned by a foreign investor. It is one of the largest banks in Moldova, which specializes in supporting small and medium-sized enterprises. In 2002 it was registered as an open joint stock commercial bank and its shares are listed on Moldovan Stock Exchange.
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. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB has an active portfolio of USD 712 million, of which USD 70 million account for trade finance operations. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.