Press Releases

IFC Supports Credit Bank of Moscow to Expand Access to Finance for Russian Companies

In Moscow:
Nezhdana Bukova, IFC
Phone: +7 (495) 411 7555

In Moscow:

Pavel Voronov, Credit Bank of Moscow:

Phone: +7 (495) 797 4222


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 million.

“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 borrowings.

“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.

About IFC

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

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

Syndication participants

The commercial banks participating in the syndication are:

Initial Mandated Lead Arrangers and Bookrunners

Commerzbank Aktiengesellschaft

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.

Lead Arranger

London Forfaiting Company Ltd.

Co- Arrangers

AKA Ausfuhrkredit
Landesbank Baden-Wuerttemberg
UniCredit Bank Austria AG


Adria Bank
Atlantic Forfaitierungs AG

Oberbank AG

UBI Banca International