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EIB Group and Česká spořitelna team up to support businesses across the Czech Republic

  •  
    Date: 18 July 2019
  • EFSI-backed transaction to facilitate development of securitisation market
  • EUR 306m (CZK 7.8bn) for an estimated 250 companies
  • Nearly 43,000 jobs supported

The European Investment Bank, the European Investment Fund and Česká spořitelna (ČS) are channelling EUR 306m of new financing into small and medium-sized businesses. The agreement will help about 250 companies and support nearly 43,000 jobs across the country.

The deal, backed by the European Fund for Strategic Investments, includes a guarantee of EUR 76.5m (CZK 1.96bn) to cover possible losses on an existing portfolio of around EUR 1bn (CZK 26.1bn). The guarantee will allow Česká spořitelna to ramp up its lending. This new type of transaction will also help develop the securitisation market in the region.  

“According to the latest EIB Investment Survey, 20% of smaller companies in the Czech Republic have suffered from underinvestment over the last three years,” said EIB Vice-President Vazil Hudák. “Thanks to this innovative transaction, the EIB and ČS will help some of these companies, especially those with riskier business ideas. This will strengthen the competitiveness of the Czech economy and contribute to economic growth and job creation.”

Thanks to its long-standing successful cooperation with the European Investment Bank Group, Česká spořitelna can provide loans with an advantageous interest rate. This loan is designed to target SMEs and MidCaps, offering financing for investments as well as working capital on very simple terms.  This product corresponds precisely to our strategic objective – to help Czech companies and entrepreneurs grow,” said Pavel Kráčmar, the member of Česká spořitelna’s Board of Directors responsible for corporate banking and financial markets.

Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said: "I very much welcome this agreement, which will create opportunities for Czech entrepreneurs and open up access to the finance they need to generate better-paying jobs and innovate. This is an example of Europe’s strong added-value – by pulling resources together it can offer practical benefits for citizens.”

The deal will enable the EIB to support more small and medium-sized companies in the Czech Republic. It will also strengthen the cooperation between the EIB and ČS. Since 2002, the EU bank has provided ČS with loans and guarantees totalling EUR 1.45bn. These will help companies in the Czech Republic get better access to the long-term financing they need to thrive and grow.

Background information:

The European Investment Bank is the long-term lending institution of the EU. It is owned by the members of the European Union. It provides long-term finance for sound projects in order to 

contribute to EU policy. The Bank is one of largest multilateral financial institutions in the world. More than 90% of EIB activity focuses on Europe, but we also support projects around the world to contribute to the EU's external policies.

Česká spořitelna is the bank with the longest tradition in the Czech market. Currently, the bank provides services to 4.67 million clients. Since 2000, Česká spořitelna has been part of Erste Group Bank, a multinational financial group.

Česká spořitelna is a modern bank focused on retail clients, small and medium-sized enterprises, large corporations, and also municipalities. Česká spořitelna holds a leading position in the market for mortgage loans and consumer loans as well as in total deposits.  The bank puts emphasis on expansion of digital services, and its new digital banking George, which serves as comprehensive family finance management, is currently the most used bank application in the Czech Republic.

Spořitelna provides comprehensive solutions for entrepreneurs and companies and is the largest provider of corporate loans in the Czech Republic. Thanks to a wide range of foreign exchange, interest rate, commodity, and money market products, the bank also holds a dominant position in treasury services and products for large, small and medium-sized businesses.

The European Investment Fund is part of the European Investment Bank Group. It helps micro and small businesses. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments. It supports EU objectives in innovation, research and development, entrepreneurship, growth, and jobs. More information on the EIF's work under EFSI is available here.

The Investment Plan for Europe, known as the Juncker Plan, is one of the European Commission’s top priorities. It focuses on boosting investment to generate jobs and growth by making smarter use of new and existing financial resources and removing obstacles to investment.

The European Fund for Strategic Investments is the main plank of the Juncker Plan and provides guarantees for loans. This enables the EIB to invest in riskier projects. The projects signed under EFSI are expected to mobilise about EUR 408bn in investments, including EUR 4.6bn in the Czech Republic, and support 952,000 small businesses across the EU.

More information on the Investment Plan for Europe is available here.

Press contacts:

EIB:
Dušan Ondrejička
d.ondrejicka@eib.org
tel.: +352 4379 83334
Website: www.eib.org/press

Press Office:
+352 4379 21000
press@eib.org

Česká spořitelna:
Filip Hrubý
spokesperson
fhruby@csas.cz
+420 775 011 550
 

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