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Banks open €140 mln credit line to Bonafarm

CIB Bank and Raiffeisen Bank on Thursday opened a five-year €139.8 million credit line to Hungary's biggest agribusiness Bonafarm Group, owned by food industry magnate and CEO of OTP Bank Sándor Csányi, Raiffeisen Bank said on Thursday.

The agreement on refinancing Bonafarm's long-term loans was signed on June 17, 2011. CIB Bank and Raiffeisen Bank are taking equal parts in the transaction.

In addition to refinancing Bonafarm's operation, the credit line will be used to refinance earlier investments as well as further investments.