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EBRD completes syndication of Sibacadembank loan
Achieves longest tenor for Russian regional bank in international syndication
The European Bank for Reconstruction and Development, ING Bank N.V. and
Raiffeisen Zentralbank Österreich AG have completed the syndication of a $60
million loan to Sibacadembank under an EBRD A/B loan structure. The loan
proceeds are to be utilised for the purpose of financing small and
medium-sized enterprises, as well as retail clients, in Siberia.
This is the first time a Russian regional bank has secured a two-year tenor on
an international syndication. The loan was jointly arranged and fully
underwritten by the EBRD, ING Bank N.V. and Raiffeisen Zentralbank Österreich
AG.
The EBRD is lender of record for the full amount and is providing a four-year
loan using $20 million of its own funds. The remaining $40 million is being
syndicated to 14 commercial banks, which are advancing two year loans under
the EBRD’s A/B loan structure. The B Loan was priced at LIBOR plus 1.7
percent per annum.
The syndicate group includes ING Wholesale Banking, Raiffeisen Zentralbank
Österreich AG, State Bank of India, Nassau (OBU), Alpha Bank A.E., Banco BPI
Cayman Ltd, HSBC Bank plc, WGZ-BANK AG Westdeutsche
Genossenschafts-Zentralbank, American Express Bank GmbH, Bank Austria
Creditanstalt, Caixa Geral de Depositos, Hypo Alpe-Adria-Bank International
AG, National Bank of Egypt (UK) Limited, National City Bank, Adria Bank
Aktiengesellschaft. The agreements were signed on 15 December 2006.
Sibacadembank was established as a commercial bank in 1990. According to the
Central Bank of Russia, as of 1st July 2006, Sibacadembank rated as the
largest bank headquartered in the Siberian Federal District, the 27th largest
bank in Russia in terms of total assets, the 22nd largest in terms of retail
deposits and the 14th largest in terms of its outstanding consumer loan
portfolio.
Sibacadembank has been actively expanding its network of branches across the
region since 1998. In September 2006, the shareholders of Sibacadembank and
Uralvneshtorgbank approved a decision to merge. The merger is expected to be
completed in the first quarter of 2007.
The EBRD has a 28.44 percent equity stake in Sibacadembank.
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