Moscow, Russia, October 5, 2010—IFC,
a member of the World Bank Group, is providing a $170 million finance package
to Credit Bank of Moscow to diversify the bank's funding base, expand access
to finance for its agribusiness clients, and support the modernization
of Russian companies in an energy-efficient way.
The package consists of a five-year $40 million loan for IFC’s own account
to expand agribusiness and energy-efficiency lending, and a one-year trade-related
syndicated loan of $130 million from 16 participating commercial banks.
This is IFC’s largest syndication deal in Russia in 2010. The loan attracted
strong attention from international banks and was oversubscribed by $20
“Credit Bank of Moscow is our long-term partner and we are very pleased
to see this high level of interest from the international banking community,”
said Snezana Stoiljkovic, IFC Director for Eastern Europe and Central Asia.
“With this new financing, Credit Bank of Moscow will expand lending to
support energy-efficient projects, which is important for IFC because energy
efficiency is a key area of focus of our strategy in Russia.”
This is the 10th syndicated loan for Credit Bank of Moscow and is one of
the largest and most successful in the bank’s history of international
“The transaction is an absolute success,” said Vladimir Chubar, First
Deputy Chairman of the Management Board of Credit Bank of Moscow. “We
highly value our long-lasting cooperation with IFC and believe that this
project will open many new opportunities for our bank. This new project
provides us with a good opportunity to expand and diversify our funding
base and helps us develop new products for our clients.”
IFC started working with Credit Bank of Moscow, a mid-size bank, in 2004.
Credit Bank of Moscow was the first Russian bank to join the IFC’s Global
Trade Finance Program.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.
About Credit Bank of Moscow
Credit Bank of Moscow is a mid-size universal Moscow-based bank ranked
35th by total assets (as at July 1, 2010) within the Russian banking system.
Currently the Bank operates only in Moscow and Moscow Region with a network
of 48 branches, more than 300 ATMs and 1000 payment terminals. Credit Bank
of Moscow is rated B+/Stable by Fitch and B1/Stable by Moody’s. For more
information, visit www.
The commercial banks participating in the syndication are:
Initial Mandated Lead Arrangers and Bookrunners
ING Bank N.V.
Raiffeisen Zentralbank Oesterreich AG
VTB Bank (Deutschland) AG
Initial Mandated Lead Arrangers
Amsterdam Trade Bank N.V.
FBN Bank (UK) Ltd
Mandated Lead Arrangers
Cordiant Emerging Loan Fund III, LP
PPF Banka a.s.
London Forfaiting Company Ltd.
UniCredit Bank Austria AG
Atlantic Forfaitierungs AG
UBI Banca International