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Eurobank Factors - Trade Finance

Greece | Financial Institutions

Identification Code:: OP/18/0030
Total Operation Cost:: 15.000.000 EUR
Maturity:: 12 months
Operation Status:: BSTDB Approved Amount – Approval Date

30.000.000 EUR – 19 Dec 2018

-15.000.000 EUR – 25 Jan 2019
: BSTDB Signed Amount – Signed Date

-15.000.000 EUR – 25 Jun 2020

15.000.000 EUR – 06 Jun 2019
: Status:
Cancelled
Description and Purpose of the Operation:: The EUR 30mln Trade Finance Facility towards Eurobank Factors, Greece aims to contribute towards expanding Borrower’s trade finance activity among BSTDB Member Countries. The proceeds of the Facility shall be used by the Borrower exclusively for the purpose of extending short-term pre-shipment and/or post-shipment export and/or import financing to their eligible customers in Greece mainly (and in Bulgaria to specific firms) in accordance with the eligibility criteria of the Bank.
Countries of Operation:: Greece (100,00%)
Financial Product:: Trade Finance
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: Eurobank Factors is the leader in the Greek factoring market. It is a founding member of the Hellenic Factors Association (HFA), full member of Factors Chain International (FCI) and member of the International Trade and Forfaiting Association (ITFA). It has also been recognized globally for the quality of its import and export factoring services being a twice world laureate of FCI awards for service excellence.
Co-Financers/Participants:: N/A
Guarantors/Sponsors:: N/A
Developmental and Regional Cooperation Impact:: The revolving Trade Finance Facility is expected to have modest but favorable economic benefits for the Greek economy. The most relevant of these is the additional tax revenue gains from increased economic activity and increased exports. In addition, the financing will contribute to increases in employment, increase in export capacity and competitiveness, and multiplier effects for other parts of the economy. The regional cooperation element is likely to be positive too, as Eurobank Factors is active materially in Bulgaria, Romania and Turkey, by providing not only direct financing but also Guarantees to Importers from these Countries. The operation is consistent with sector and operation priorities outlined in BSTDB’s Medium Term Strategy and Business Plan 2015-18 and the Country Strategy for Hellenic Republic 2015-2018.
Environmental Classification and Impact:: The Environmental and Social performance of the Borrower will be assessed annually and unless the Borrower meets the BSTDB E&S requirements for FIs it will be requested: 1) to develop, adopt and implement basic E&S procedures satisfactory to BSTDB and integrate them as fully as possible into its credit/investment appraisal and monitoring process; 2) to follow the BSTDB’s E&S Exclusion List; 3) to ensure the trade finance operations comply, at a minimum, with the E&S regulations and standards in effect; and 4) to submit to the Bank annual E&S performance reports.
Operation Leader:: Financial Institutions II
E-mail:: fi2@bstdb.org