Citibank is starting a campaign to attract SMEs, managing director Janos Horvath announced. The bank aims to boost both its stock of loans and deposits for businesses with annual revenue of HUF 20m-450m.
Citibank sees the potential to add another 50,000-70,000 clients, Mr Horvath said.
Citbank will offer SMEs 5- to 7-year development loans, and standby credit lines to manage day-to-day liquidity. Loans may be backed by cash coverage or guarantees. The bank will also start offering lombard loans within two months.
Citibank does not offer factoring products itself, but is in partnership with a factoring company.
Citibank will offer the special services through its CitiBusiness division to SMEs who have been in business at least two years and are not involved in real estate development, farming or the public sector.
Source: Europe Intelligence Wire
