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Largest EBRD loan to Russian leasing sector
Strong interest in $150 million syndication for Raiffeisen-Leasing
The European Bank for Reconstruction and Development is making its largest
ever loan to the leasing sector in Russia, leading a $150 million syndicated
loan for Raiffeisen-Leasing in a deal that has generated considerable interest
among commercial banks keen to buy this kind of Russian debt.
The loan size was increased by 50 per cent after international banks heavily
oversubscribed the amount originally offered for syndication.
As a result, $100 million has been syndicated to 24 commercial banks under an
EBRD A/B loan structure whereby the Bank remains the lender of record for the
whole amount. The EBRD portion is $50 million, with a five-year maturity. The
maturity of the syndicated portion is three years, with an option to extend
for a further two years at each lender’s discretion.
Leasing is one of the fastest growing areas of Russia’s financial markets,
even though its overall penetration is still low. In a country where bank
loans longer than one year are still rare, leasing often represents the only
practical way medium-sized Russian companies can finance capital investments.
With this loan, the EBRD’s aim is to encourage competition in the sector and
spread leasing beyond Moscow and St Petersburg so that companies in Russia’s
regions can benefit from the flexibility it offers, said Jonathan Woollett,
Director of the EBRD’s Non-Bank Financial Institutions Team.
Herbert Stepic, Chairman of Raiffeisen International Bank-Holding AG
(Raiffeisen International) and Deputy Chairman of RZB, said: "This is another
landmark transaction that proves that Raiffeisen Leasing is not only a
well-renowned financing institution throughout Central and Eastern Europe, but
is also a very attractive company for Western European lenders."
Raiffeisen-Leasing, ultimately owned by Vienna-based Raiffeisen Zentralbank
Österreich AG (RZB), offers financial leasing, mainly for industrial equipment
and vehicles, to sectors including construction, telecommunications and
transport. “Raiffeisen-Leasing Russia will use a significant part of this
facility to support its leasing business expansion into Russia's regions,
which is scheduled to start this year,” added Jaroslaw Konczewski, General
Director of Raiffeisen-Leasing Russia.
The two commercial underwriters are HSH Nordbank (London) AG and DZ BANK
Deutsche Zentral-Genossenschaftsbank, which have taken $5.5 million each. The
other participating banks are:
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Banque Commerciale pour l'Europe du Nord,
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Bayerische Hypo-und Vereinsbank AG,
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Crédit Industriel et Commercial,
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Investkredit Bank AG,
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Landesbank Hessen-Thüringen Girozentrale,
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LRP Landesbank Rheinland-Pfalz,
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National Bank of Kuwait S.A.K., Kingdom of Bahrain,
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NORD/LB Norddeutsche Landesbank Girozentrale,
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Piraeus Bank-London Branch,
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State Bank of India-Los Angeles Agency,
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Bankgesellschaft Berlin AG,
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Erste Bank,
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Raiffeisenlandesbank Niederösterreich Wien AG,
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Caixa Geral de Depositos-New York Branch,
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Chinatrust Commercial Bank-Offshore Banking Branch,
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Danske Bank,
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Ost-West Handelsbank AG,
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Österreichische Volksbanken AG-Vienna,
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Raiffeisenlandesbank Oberösterreich Aktiengesellschaft,
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WGZ-Bank Westdeutsche Genossenschafts-Zentralbank eG,
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Adria Bank AG-Vienna,
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Banco Efisa S.A.
Raiffeisen Leasing International is 75 per cent owned by Raiffeisen
International, the balance being held by Raiffeisen Leasing. Raiffeisen
International is the holding company for RZB's subsidiaries in central and
eastern Europe. RZB is the central institution of the Austrian Raiffeisen
Banking Group. RZB is a leading corporate and investment bank in Austria and
also considers CEE its home market, where it operates, via Raiffeisen
International, a network of 11 leasing companies and more than 800 banking
outlets.
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