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First Ethical Bank to Open in Croatia

 

ebank-logoThe first ever ethical bank in Croatia is set to open its doors in 2015…

EBank, whose motto is Open. Honest. Yours., will file its licence application to the Croatian National Bank next month, with an aim to start operating in Q1 next year. The mission of the first ethical development bank in Croatia is to become a transparent, democratic, solidary financial institution that ensures its members financing on the best possible terms and for common good.

The ethical development bank, which will be owned its clients, says it will support the development of real economy by supporting such drivers as sustainable ecological agriculture and tourism, manufacturing and processing companies, green energy, IT services and new technology and social entrepreneurship.

The bank will be owned by Croatian capital and will service the real economy and not be an isolated profit-making entity. The bank, which so far has 164 members, will receive finance from the European Commission and lending and equity from the European Social Entrepreneurship Fund (EUSEF). The bank’s capital will come from deposits from their customers created by activities in the real economy. It has been reported that interest on loans will be between 1 and 4% for clients. The bank received approval from the Ministry of Finance in March this year and has already established a network of over 200 partners.

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