The European Bank for Reconstruction and Development (“EBRD”) is deepening its cooperation with the Société Générale Group in Bulgaria by providing a financing package of up to €85 million.
A loan of up to €75 million, structured in three tranches, is extended to Société Générale Expressbank AD. The funds will be provided under a Partnership for Growth programme and will support the bank’s strategic objectives over the next three years for continued strong lending across customer segments with a particular focus on SMEs and the pursuit of growth on a sustainable basis. Société Générale Expressbank pays particular attention to the financing of the SME segment and this programme will expand further the bank’s lending capacity.
A further €10 million loan is provided to Société Générale Expressbank’s leasing company Sogelease Bulgaria EOOD. The proceeds of the loan will be used to provide medium- and long-term funding to Bulgarian SMEs, specifically for medical and agricultural equipment, light commercial vehicles, trucks and trailers.
Jean-Marc Peterschmitt, Managing Director at the EBRD, responsible for Central and South Eastern Europe, said at the signing: “The loans to Société Générale Expressbank and to Sogelease Bulgaria demonstrate our commitment to the Bulgarian financial sector and our support to the real sector’s access to finance. The country and the region continue to face a challenging economic environment and the EBRD is eager to support all efforts to speed up economic recovery”.
Maria Rousseva, deputy Chief Executive Officer of Société Générale Expressbank added: “We are pleased to continue and intensify our cooperation with the EBRD. We will use the EBRD funds to boost lending activities across sectors. Société Générale Group has experience in cooperating with EBRD on “Partnership for growth” and we are glad to be the first bank in Bulgaria to provide financing under this programme”.
To date the EBRD has financed over 200 projects in Bulgaria with a total volume of more than €8.5 billion. The Bank is focused on strengthening sustainable growth through a focus on enhancing local business competitiveness and investing in modernisation.
Maya Klevtsova, Head of Public Relations, Société Générale Expressbank, tel. + 359 893 301 774, maya.klevtsova@socgen.com
About Société Générale Expressbank
Société Générale Expressbank Group is one of the top ten leading financial institutions in Bulgaria. It is composed by the bank Société Générale Expressbank and its subsidiary companies – Sogelease Bulgaria, Société Générale Factoring and its associate life insurance company Sogelife Bulgaria. Together with its 1,500 employees, Société Générale Expressbank aims to offer customers comprehensive, flexible, high quality, innovative products and services on advantageous price conditions. The bank has received various prestigious awards amongst which "Best Bank in Bulgaria" for 2012 by the international financial magazine Euromoney. Société Générale Expressbank received also confirmation from Fitch Ratings - 'BBB+' with positive outlook, which is the highest rating, given from Fitch to a financial institution in Bulgaria.
99.74% of the capital is property of Société Générale Group;
BGN 54 million net profit of Société Générale Expressbank for 2012;
BGN 170 million net banking income for 2012;
BGN 3.8 billion total assets at end-2012;
150 sales points;
more than 380,000 clients.
www.sgeb.bg