Moscow, Russia, July 15, 2010—IFC,
a member of the World Bank Group, and the European Bank for Reconstruction
and Development have jointly raised $164 million for Transcapitalbank,
a midsize Russian bank and leader in trade finance in Russia, to help the
bank diversify its funding base.
The financing consists of $60 million
in loans for the accounts of IFC and EBRD and $104 million in syndicated
loans from a consortium of 12 commercial banks. The success of the
syndication confirms the return of international appetite for the debt
of strong private Russian banks despite continuing market turbulence.
“This successful syndication, supported
by EBRD and IFC, is the first for Transcapitalbank since the start of the
financial crisis and will allow us to provide competitive finance to our
clientele, particularly small and midsize businesses,” said Olga Gryadovaya,
Chairman of the Management Board of Transcapitalbank. “Transcapitalbank
and its clients are positioned for growth, and this syndication provides
the medium-term finance to underpin that growth.”
In addition to the syndicated loans,
IFC will provide Transcapitalbank with a multi-currency swap facility,
which can be used to manage the bank’s risks and support ruble funding
to its clients.
“We see significant growth in commercial
banks’ interest to provide financing to sustainable Russian private banks.
This syndication will send a strong signal to other investors and
help re-establish the market for other Russian banks,” said Ritva Laukkanen,
IFC Director for Syndications and Resource Mobilization. “IFC’s
swap facility also will provide direct support for Transcapitbank’s ruble
lending, a primary need among the banks’ small business clients.”
Nick Tesseyman, EBRD's Managing Director
for the Financial Institutions Sector, said, “The success of this transaction
shows that a well-run midsize Russian private bank, which has proven resistant
to the financial and economic crisis, once again can tap international
financial markets for medium-term funding, and eventually, for longer-term
The commercial banks participating in
the syndication are Commerzbank AG, FBN Bank (UK) Ltd, ING
Bank N.V., RZB, Standard Chartered Bank and VTB Bank (Deutschland) AG.
as initial mandated lead arrangers.
Other participants are: Amsterdam Trade
Bank N.V. as mandated lead arranger, AKA Ausfuhrkredit-Gesellschaft mbH,
as lead arranger; Banque de Commerce et de Placements SA, London Forfaiting
Company Ltd, and the Royal Bank of Scotland N.V. as co-arrangers and ADRIA
Bank AG as manager.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totaled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.
For more information about EBRD, visit
For more information about Transcapitalbank,