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Promsvyazbank loan boosted to $300 million on strong market demand
The European Bank for Reconstruction and Development ("EBRD"), Calyon, HSBC
Bank plc ("HSBC") and Raiffeisen Zentralbank Oesterreich AG ("RZB") have
completed the syndication of a $300 million loan, under an EBRD A/B loan
structure, to Promsvyazbank (“PSB”).
For Promsvyazbank this is its largest syndicated loan to date and the one with
longest tenors. It will assist one of Russia's largest private banks to expand
its retail activities, to extend longer-term funding and to increase small
business lending.
The loan was jointly arranged and fully underwritten by the EBRD, Calyon, HSBC
and RZB. The EBRD is the lender of record for the full amount and is
providing a five-year A loan using $85 million of its own funds. The remaining
$215 million has been syndicated to 33 commercial banks, which are advancing
three-year loans under the B loan. The transaction was originally offered to
the market as a $200 million loan but was increased after the B loan was
oversubscribed by more than 100 percent. The B Loan was priced at LIBOR plus
1% per annum.
The syndicate group also includes State Bank of India, Bank of Taiwan Offshore
Banking Branch, Credit Europe Bank N.V., Dresdner Kleinwort AG, Erste Bank der
oesterreichischen Sparkassen AG, Mizuho Corporate Bank, Ltd., Taiwan
Cooperative Bank, Offshore Banking Branch, Bank Hapoalim B.M., DZ BANK AG
Deutsche Zentral-Genossenschaftsbank, Landesbank Baden-Wurttemberg, London
Branch, Bank Leumi Le-Israel B.W., The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
Bank Sinopac, Demir-Halk Bank N.V., Hypo Alpe-Adria-Bank AG, Intesa Sanpaolo
SpA, London Branch, Mega International Commercial Bank, National City Bank,
Nova Ljubljanska Banka, Raiffeisenlandesbank Oberoesterreich
Aktiengesellschaft, Sumitomo Mitsui Banking Corporation, Europe Limited, WGZ
Bank AG Westdeutsche Genossenschafts-Zentralbank, Hua Nan Commercial Bank
Ltd., London Branch, Chang Hwa Commercial Bank Limited, London Branch,
American Express Bank Ltd, Banco BPI Cayman Limited, Banque BIA, GarantiBank
International N.V., Raiffeisenlandesbank Niederoesterreich-Wien AG, BRE Bank
SA. The agreements were signed in London on 12 April 2007.
Mr. Alexander Levkovskiy, CEO of Promsvyazbank, said that EBRD has been a
reliable partner of Promsvyazbank over the past three years and has come up
with new products designed to support the expansion of PSB in the Russian
banking market. He also expressed his appreciation of the work done by the
arrangers and his gratitude to the participant for their continued support for
PSB.
Established in 1995, Promsvyazbank has evolved into a large universal bank
offering a full range of services to corporate and retail clients and has a
significant regional footprint. It is currently ranked as the 10th largest
Russian bank in terms of corporate lending volume and 14th largest in terms of
capital.
In December 2005, Promsvyazbank received a 1.5 billion rouble (equivalent to
$57 million) subordinated loan from the EBRD. Earlier, it obtained a $30
million EBRD loan to boost lending to small businesses and it is also a
participant in the EBRD's Trade Facilitation Programme created to speed up and
simplify east-west trade flows.
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