IIB counter-guarantees Sberbank Hungary’s €22 million loan to Hunent Zrt.

New processing facility for Hungarian meat company

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Mag. Linda Michalech
Corporate Communications Manager

Sberbank Europe AG
Tel.: +43 1 22732 1300
Mobile: +43 664 8891 3662
linda.michalech@sberbank.at

New processing facility for Hungarian meat company

One of the largest clients of Sberbank Hungary, Hunent Víziszárnyas Feldolgozó Zrt. (a subsidiary of the Bács-Tak Group), applied for an investment loan to finance the construction of a complex in southern Hungary for breeding and processing of poultry and storage of meat. The total volume of the investment is €40 million, €22 million of which are being financed by Sberbank under a long-term investment facility. International Investment Bank, a Moscow-based development bank, issued a 100% counter-guarantee.

“Hunent Zrt. is one of the largest SME clients in the portfolio of Sberbank Hungary, with over 14 years of cooperation behind us. Three main members of the Group have their accounts with Sberbank Hungary, utilizing €12 million in structured working capital and treasury limits beside the newly approved investment loan. I am proud that we can help our clients to compete successfully on the international markets,” says Richard Szabó, CEO of Sberbank Hungary.

The investment is considered a high priority for the national economy, and the non-refundable subsidy was reviewed and approved by the Hungarian government. The investment is set to increase the Group's productivity by 17%. Production, logistics and transportation costs will be lower thanks to the efficiency of the new plant, which has state-of-the-art cutting, roasting and packing equipment and poultry farms close by. The investment will also create at least 350 new jobs for local people.

Richard Szabó, CEO of Sberbank Hungary, signing the agreement

Richard Szabó, CEO of Sberbank Hungary,signing the agreement


IIB
IIB was founded in 1970 to support social and economic development, prosperity, and economic cooperation between its member states. Its activities mainly focus on supporting small and medium-sized businesses and co-financing of socially significant infrastructural projects. The Bank provides loans primarily through leading local financial institutions, development banks, export and import banks and agencies, or lends in partnership with other international institutions for development. The members of the Bank are the Republic of Bulgaria, Hungary, the Socialist Republic of Vietnam, the Republic of Cuba, Mongolia, the Russian Federation, Romania, the Slovak Republic and the Czech Republic.

Hunent Zrt.
Hunent Zrt. is one of the biggest poultry producers in Hungary, focused on final processing of duck meat. In recent years the company has become a significant player on the domestic market, in several EU states and in the Far East. Hunent Zrt. emerged in 1993 as the successor of a state-owned company which started operations in 1852. By the end of 2019 Bács-Tak will own 100% of Hunent Zrt..

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