Lending growth is one of the main drivers contributing to the recovery of the CEE economy. This is what Aurelio Maccario, Head of Strategic Planning at UniCredit, said at the Annual Meeting of the European Bank for Reconstruction and Development, held in Istanbul. He explained that the situation in the region has started to improve, however, it is crucial for all markets in the region to benefit from the positive and negative outcomes of the crisis.”

“Lending growth should not be an aim in itself because today, more than ever, small and medium-sized enterprises need the support of the financial institutions,” said Gianfranco Bisani, Head of CEE Corporate and Investment Banking, UniCredit. He pointed out that, while large companies have a variety of options to finance their activity, smaller companies have limited options with bank lending being the main source. A large part of the structural funds of the European Union are channeled to SMEs and that is why banks play a pivotal role in providing additional money for their development. According to Gianfranco Bisani Bulgaria and Romania should make targeted efforts in order to ensure good financing conditions for small and medium-sized enterprises since they constitute one of the pillars of the economy and can contribute to job-creation and acceleration of GDP growth.

“Today, following the crisis, the financial institutions are not equally prepared for the new context,” said the Head of Corporate and Investment Banking at UniCredit. However, he is confident that those that are quick to adapt and support quality projects will not only contribute to overcoming the consequences of the crisis but will also be able to generate growth faster than their competitors.

“Lending should not be an aim in itself. There should be support for quality projects – the ones which can bring results and profit and are sustainable. For this process trust between the partners – enterprises and banks – is essential,” said Doris Ritzberger-Grundwald, Head of Foreign Research Division at Oesterreichische National Bank at the discussion panel “CEE Lending Growth: Does Supply Meet Demand?”, which was hosted by UniCredit at the EBRD Meeting. Doris Ritzberger-Grundwald also presented a survey by the Austrian Central Bank on the use of bank products and services in CEE which indicates that the level of indebtedness in Central Europe (Hungary, Poland) and Southeastern Europe (Bulgaria, Romania, Albania, Bosnia and Herzegovina, Croatia, Macedonia and Serbia) remains lower than the one in the Eurozone and households have hesitations in withdrawing new loans (see chart 3). Following the lowest demand levels in 2011, results indicate an increased intention to take loans in 2013 in Bulgaria as well as in other CEE countries.

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