Press Releases
print

IFC Helps Rostpromstroybank Expand Access to Finance for Clients in Southern Russia


In IFC, Moscow:
Nezhdana Bukova
Phone: 7 (495) 411-7555
E-mail :
nbukova@ifc.org

In IFC, Washington, D.C.:
Lotte Pang
Phone: 1 (202) 458-0952
E-mail:
lpang@ifc.org


Moscow, Russia, August 29, 2008—IFC, a member of the World Bank Group, is helping Russia’s Rostpromstroybank expand access to finance for companies and retail customers in the south of Russia. IFC will buy 20 percent minus one of the bank’s voting shares from Igor Kim, the majority shareholder. This will support the bank’s development program, help improve its corporate governance, and strengthen its capacity in social and environmental management.

“IFC will provide us with additional resources for developing our business, as well as with access to international funding, helping us serve our clients better,” said Tatiana Shaposhnikova, Chairman of Rostpromstroybank’s Management Board. "IFC will contribute its experience and global expertise to help the bank grow and broaden its product line to include services such as trade finance and project finance. The partnership with IFC will bring a positive impact on the growth of local businesses and the economy of the Southern Federal Region.”


“IFC’s financial markets strategy in Russia places a high priority on improving access to finance in rural areas and on the stability of the banking system, by helping consolidate this highly fragmented sector,” said Nena Stoiljkovic, IFC Director for Central and Eastern Europe. “Rostpromstroybank has a long history of serving local clients, and it has good prospects for the future. We are very satisfied with the bank’s dynamic development and excited to become a shareholder. We look forward to its growth and expansion in the south of Russia,” she added.


About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org.

Russia became a member and shareholder of IFC in 1993. Since then IFC has invested more than $3.6 billion in the country, including $527 million in syndicated loans. IFC’s investment portfolio in the country stands at $2.24 billion, making it the largest country exposure for IFC globally. IFC has invested in key sectors including banking, leasing, housing finance, infrastructure, mining, agribusiness, pulp and paper, construction materials, oil and gas, telecommunications, information technologies, retail, and health care. For more information, visit
www.ifc.org/Europe.

About Rostpromstroybank

Rostpromstroybank was established in 1922 as Industrial Bank and renamed Stroybank USSR (Construction Bank of USSR) in 1959. The bank registered as Rostpromstroybank in 1992. It is a universal bank that specializes in financing small and medium enterprises. Its client base is very diverse, from Rostov-on-Don and the Rostov region’s largest companies to small businesses and individual entrepreneurs. The branch network includes a head office and two outlets in Rostov-on-Don, an outlet in Belaya Kalitva, and another in Salsk. Rostpromstroybank is ranked second in capital and fifth in assets among the banks of the Rostov region. It is a member of a banking alliance headed by URSA Bank headquartered in Novosibirsk
.