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BSTDB Assists Greek Domestic and International Trade

Press Release | 31-Jul-2020

The Black Sea Trade and Development Bank (BSTDB) provided a EUR 40 million trade finance facility to Ethniki Factors S.A. (NBG Factors), a subsidiary of the National Bank of Greece. The loan will allow NBG Factors to finance domestic and international factoring transactions and is part of the BSTDB’s support for clients in the difficult economic situation caused by the COVID-19 pandemic.


The operation will support Greek companies’ liquidity and working capital needs and promote trade in the Black Sea Region, especially with Bulgaria, Romania and Türkiye. 


“Providing financial support and liquidity to businesses in the challenging times of pandemic crisis is essential for supporting the Greek economy. Factoring is a dynamically growing sector, and the Black Sea Bank is committed to increasing cooperation with the NBG Factors and other national financial institutions to reach out to more Greek companies and SMEs,” commented Dmitry Pankin, BSTDB President.


“In the context of supporting Greek corporates to cope with adverse economic conditions caused by the pandemic crisis and as part of its strategy to actively contribute on the recovery of the Greek economy, NBG Factors has entered into an agreement with BSTDB for a credit facility of EUR 40 million. This agreement serves as an evidence of trust from BSTDB for the factoring industry in Greece, for NBG Factors and our high standards in corporate governance practices, but also for our customers,’’ said Alexandros Kontopoulos, NBG Factors CEO.

NBG Factors was founded in 2009 as a specialized factoring company of the National Bank of Greece (NBG), one of the largest systemic banks in Greece.  NBG Factors offers a comprehensive range of factoring services including financing (invoice discounting), management and collection of receivables, credit control, and credit risk protection. In 2019, the market share of NBG Factors rose to 18.02% in terms of turnover. For more information on NBG Factors, visit www.nbgfactors.gr


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 are 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 authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.


Press contact:

Haroula Christodoulou

Phone: +30 2310 290533

E-mail: cchristodoulou@bstdb.org

Twitter: @BSTDB


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