Finansbank Romania has taken out a syndicated loan worth 55 million euros. The loan will mature in one year and was taken out with a 0.9% margin above EURIBOR. "We will use the money to grant funding to our customers involved exporting, thereby developing our business on the trade-finance segment in cooperation with the partner banks," said Tamer Ozatakul, the Finansbank president. The initial project entailed attracting 30 million euros in funding, however the total offers by banks participating in the syndication exceeded 61 million euros. Last year Finansbank took out another syndicated loan worth 15 million euros (also with one-year maturity). The facility, in which 19 financial institutions participated, was headed by Alpha Bank Romania, Bank of New York, Commerzbank, GarantiBank, Wachovia Bank and Raiffeisen Zentralbank Osterreich as the main arrangers. Finansbank has developed rapidly, doubling its assets last year. The strong growth is also due to the low comparison base. "The bank''s net assets currently exceed 315 million euros and I believe we will reach 350 million euros by the end of the year. The profit at the end of August was 3 million euros," Ozatakul added. In September last year, the bank had assets worth 160 million euros. The bank''s business on the corporate segment has grown rapidly to the current 150 million euros, more than three times the level seen one year ago. Finansbank will enter the market for small and medium-sized enterprises next year, since it has no products for this segment at the moment. ZF
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