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| Adaugat in data de 07-07-2011 |
BCR grants EUR 31 million, working capital for the largest crude edible oil factory in Southeast Europe
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Banca Comerciala Romana (BCR) granted a loan of EUR 31 million to Prio Extraction SRL, a company specialized in the production of crude edible oil. The loan ensures the partial financing of the working capital of the factory in Lehliu-Gara (Calarasi county), the largest greenfield investment in Romania in 2011 (93 millions euros) and the largest crude edible oil factory in Southeast Europe.
The unit has a production capacity of 316,000 tons of crude oil per year, and a processing capacity of 750,000 tons of seed / year (soy, sunflower, rapeseed). 90 employees work in the factory and their number is estimated to grow up in the future. 90% of factory production is aimed for export in the region.
The loan was granted for a period of 12 months and will cover the costs of purchasing seeds for processing as well as other expenses. "Despite the fact that it involved a greenfield investment, which is associated a higher credit risk, we were firmly convinced of the viability of the transaction. The recession proof sector and the export destination of the production were strong arguments in favour of the deal”, stated Mirela Blidarus, Industry Head within Group Large Corporate Division of BCR.
Prio Extraction controls 17,000 hectares for seeds production locally, which ensures just about 2-3% of crude oil necessary for the plant. The remaining raw material is purchased from local farmers and large traders on the market.
Given the expected volume of operations, ensuring the liquidities necessary for the factory production was paramount, said Susana Ferreira, Chief Financial Officer of Prio Extraction SRL. The transaction completed with Banca Comerciala Romana is particularly relevant for local suppliers, as it directly targets the acquisition of raw materials required for plant operation, said Susana Ferreira.
Banca Comerciala Romana (BCR), a member of the Erste Group, is the most important financial group in Romania, including the companies on the leasing, asset management, private pension and housing bank market. BCR is the No. 1 bank in Romania assets-wise (over EUR 16 billion worth), the No. 1 bank according to the number of clients and the No. 1 bank on the saving and lending segments. BCR is the most valuable financial brand in Romania, according to the level of clients’ trust and to the number of those for whom BCR is the main institution they do banking with.
BCR offers a full range of financial products and services, through a network of 48 corporate commercial centers and 668 retail branches and agencies located in most of the Romanian cities with a population of more than 10,000 inhabitants. BCR is the No. 1 bank in Romania on the cards and banking transactions market, as BCR clients benefit from the largest national ATM network – over 2,000 machines and POS - over 18.000 electronic terminals operational at the merchants, for card payments, as well as a complex offer of banking products and services, including Internet banking, phone banking and e-commerce services.
Erste Group is one of the leading financial providers in Central Eastern Europe. More than 50,000 employees serve over 17.4 million clients in 3,200 branches in 8 countries (Austria, Czech Republic, Slovakia, Romania, Hungary, Croatia, Serbia, and Ukraine). As of 31 December 2010, Erste Group has reached EUR 205.9 billion in total assets, a net profit of EUR 1,015.4 million and cost-income-ratio of 48.9%.
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