CIB Bank, the Hungarian subsidiary of Italy's Banca Intesa Group, has received Ђ30m from the European Bank for Reconstruction and Development (EBRD) and the Council of Europe Development Bank (CEB) to support Hungarian small- and medium-sized enterprises (SMEs), the EBRD announced on Thursday.
The EBRD is lending Ђ10m to CIB Leasing, a subsidiary of CIB Bank. The loan is complemented by funds from the European Commission via the Phare Programme.
Tibor Galambos, chief officer of CIB Leasing, said the EBRD loan will provide support to Hungarian SMEs, a sector which has developed strongly over recent years and will also help to prepare for EU accession. CIB Leasing offers special funding arrangements to SME clients in the form of financial leasing.
