Osterreichische Volksbanken AG (OVAG) will grant a ten-year Ђ10m subordinated loan to its Hungarian subsidiary, financed by a loan from the European Bank for Reconstruction and Development (EBRD), the bank announced.
Magyarorszagi Volksbank will use the loan to finance loans to small- and medium-sized enterprises (SMEs).
The bank was the first bank in Hungary to sign such an agreement with EBRD. OVAG subsidiary Magyarorszagi Volksbank had total assets of Ft 114 billion at the end of 2002.
Source: Budapest Business Journal
