Šiaulių bankas received a syndicated loan from eight foreign banks
Šiaulių bankas has signed an agreement regarding the syndicated loan of EUR 20 million.
The loan has been organized by HSH Nordbank AG from Germany and Raiffaisen Zentralbank Osterreich AG from Austria. The initial loan amount of EUR 10 million has been doubled due to great interest shown by the banks.
Besides two banks mentioned above other six European banks such as Erste Bank (Austria), BRE Bank S.A. (Poland), Banque BIA (France), Landesbank Baden Wurttemberg (Germany), Sparebanken OST (Norway), Landesbank SAAR (Germany) have also participated in the syndicated loan.
“The granted loan witnesses that even thought the Baltic States’ economics is being accompanied by various projections and world inter-bank sector still experiences turmoil, it is possible to attract new resources from the international markets successfully even to such a bank that does not belong to any European financial institution”, - says Donatas Savickas, the Deputy Chairman of the Board of Šiaulių bankas AB.
Resources granted by foreign banks comprise about 20 per cent of Šiaulių bankas’ assets. Šiaulių bankas has a long- term relations with such banks as the European Bank for Reconstruction and Development (EBRD), Northern Investment Bank (NIB), Council of Europe Development Bank and commercial banks located in various countries of the world.
The credit line granted by eight foreign banks is already the third syndicated loan received by Šiaulių bankas during a year and a half. Šiaulių bankas is borrowing funds in order to develop the lending capacities to small and medium-sized business, foster investments into manufacturing, business innovations, export and to use them fulfilling the previous financial liabilities of the bank.
As of May 31st 2008 Šiaulių bankas’ assets reached LTL 2,1 billion while the authorized capital was LTL 180 million.