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$90 million syndicated loan to Russian Standard Bank
3rd EBRD loan to consumer finance pioneer to fund push into regions
The EBRD and a syndicate of international banks have lent $90 million to fund
the regional expansion of the main pioneer of consumer credit in Russia,
Russian Standard Bank.
Of this, $60 million has been syndicated to 13 commercial banks under an EBRD
A/B loan structure whereby the EBRD remains the lender of record for the whole
amount. BNP Paribas and Raiffeisen Zentralbank Oesterreich AG acted as
mandated arrangers of the commercial B-loan and fully underwrote the $60
million. The EBRD portion is $30 million, with a three-year maturity while
that of the syndicated amount is 18 months.
This is the EBRD’s third loan to Russian Standard Bank since October 2002.
Previous EBRD loans totaled $30 million. The new funding will stimulate
competition in Russia’s fast-growing consumer finance sector as well as
provide a means of delivering such credits to customers in remote areas of the
country. Russian Standard Bank is currently offering consumer credits to
individuals in 100 Russian cities.
Launched from scratch in 1999, Russian Standard Bank ranked 22nd among Russian
banks in terms of total assets as of the third quarter of 2004. It has a
long-term counterparty credit rating of B from Standard & Poor’s Rating
Service, and a long-term foreign currency deposit rating of Ba3from Moody’s
Investor’s Service Inc. Both ratings have positive outlooks.
In July 2004, BNP Paribas Group, acting through its Cetelem subsidiary, signed
an agreement to acquire a 50 per cent stake in a holding company which
controls over 90 per cent of Russian Standard Bank’s capital. The project is
subject to the approval of the Russian Central Bank.
The highly successful syndication was oversubscribed, but the borrower did not
increase the volume.
Details of the syndication:
BNP Paribas $6 million
Raiffeisen Zentralbank Oesterreich AG $6 million
Alpha Bank A.E., $5 million
State Bank of India, $5 million
Barclays Bank PLC $4.5 million
Bayerische Hypo-und Vereinsbank AG $4.5 million
BCEN-Eurobank, Paris $4.5 million
Caixa Geral de Depositos S.A., $4.5 million
Commerzbank AG $4.5 million
Finansbank (Holland) N.V. $4.5 million
WGZ-Bank $4.5 million
Emirates Bank International PJSC $3.5 million
Chinatrust Commercial Bank, $3 million
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