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Hungary's Eximbank, Volksbank sign agreement on €10 mln SME credit line

Hungarian Eximbank and the Hungarian unit of Volksbank has signed a refinancing agreement on a €10 million credit line to support the export activities of small and medium-size businesses (SMEs), Magyarországi Volksbank said.

Backed by the €10 million Eximbank credit line, Volksbank will lend at most five-year euro-denominated loans to exporter SMEs at preferential interest rates conforming to OECD principles. The agreement was signed by Eximbank CEO Roland Natran and Magyarországi Volksbank CEO Axel Hummel on Wednesday. Legislation approved in May 2012 transfered the authority to exercise ownership rights over Eximbank and state export credit insurer Mehib to the national economy minister from state-owned Hungarian Development Bank.