Moscow, November 15, 2004 – The
International Finance Corporation (IFC), the private sector financing arm
of the World Bank Group, signed an agreement to provide a $7 million loan
to Sibacadembank, a private Russian bank based in Novosibirsk and active
in lending to small and medium enterprises, entrepreneurs and individuals.
IFC’s loan will support the bank’s lending activities, further its regional
expansion and strengthen its market position in Siberia.
Prior to this $7 million loan, IFC provided technical assistance to the
bank to improve the bank’s risk management practices and support its organizational
development. The technical assistance program was funded by IFC’s Norwegian
Edward Nassim, IFC's Director for Central and Eastern Europe, commented
during the signing ceremony in Moscow, “We hope that this loan agreement
will strengthen our cooperation with Sibacadembank. IFC has been
quite selective in choosing its partners in the banking sector in Russia
and this transaction reflects the successful development of Sibacadembank
in recent years."
Andrei Bekarev, General Director of the Sibacadembank commented: “We
believe that the loan agreement we signed today is a beginning of long-term
partnership with IFC which may involve other forms of financing. We
are pleased to begin cooperation with IFC which is one of the most reliable
financial institution in the world and we believe that this cooperation
is a recognition of Sibacadembank’s performance and results.”
was established in Academgorodok, Novosibirsk by Research Institutes of
the Russian Academy of Sciences (Siberian Branch) in 1990.
For the past 14 years, Sibacadembank has developed into a leading regional
bank. The bank now has complete package of banking licenses and a
strong regional network which allows the Bank to offer a complete
range of banking services to more than 13,000 legal entities and more than
Sibacadembank is expanding the area of its operations in Siberia. The Bank's
70 divisions are situated in Russia’s seven regions (Novosibirsk, Irkutsk,
Kemerovo, Omsk, Tomsk Regions, and Krasnoyarsk and Altai Krays).
Sibacadembank is in the top 100 of Russian banks ranked by assets and is
one of the national leaders in retail banking in terms of deposits and
An essential part of Sibacadembank strategy is development of relationships
and cooperation with international financial institutions.
International Finance Corporation (www.ifc.org).
Russia joined IFC in 1993. Since then through the end of June, 2004, IFC
has committed $1.8 billion, including $210 million in syndicated loans,
to finance 91 projects across a variety of sectors. IFC’s investments
spread across the country’s most important sectors including banking,
leasing, housing finance, infrastructure, mining, agribusiness, pulp and
paper, construction materials, oil and gas, telecommunications, information
technologies, retail, and health care.
The International Finance Corporation is a member of the World Bank Group.
IFC’s mission is to promote sustainable private sector investment in transition
economies, helping to reduce poverty and improve people's lives. IFC finances
private sector investments in the emerging markets, mobilizes capital in
the international financial markets, helps clients improve social and environmental
sustainability, and provides technical assistance and advice to governments
and businesses. From its founding in 1956 through FY04, IFC has committed
more than $44 billion of its own funds and arranged $23 billion in syndications
for 3,143 companies in 140 developing countries. IFC’s worldwide committed
portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion
held for participants in loan syndications.