Project description
and objectives:
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Sibacadembank (SAB) is planning capital increases for the total amount of RUB
1,137.6 million (USD 40 million equivalent) in the form of ordinary and
preference shares that will support further growth of the bank in the coming
12-18 months. EBRD will invest up to RUB 425.2 million (USD 15 million
equivalent). The proceeds from this capital increase will be used to support
asset growth and upgrade of operational structures.
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Transition impact:
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The capital increase reinforces the objectives of the original EBRD
investment, namely to: i) continue to identify and support strong regional
banks; ii) create a positive demonstration effect; iii) contribute to
competition in the banking sector; and iv) improve corporate governance in the
bank. EBRD is the only large international investor in Sibacadembank to date,
therefore its participation in this capital increase and maintenance of its
blocking minority stake shows continued support to the bank’s management and
their business plan.
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The client:
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Sibacadembank (SAB) is a universal bank established in 1990 in Novosibirsk.
Mergers with Russian Narodny Bank and KuzbasTransBank helped SAB to develop
into a leading regional bank. SAB has one of the most developed
infrastructures in Siberia with 8 branches, 125 offices and 168 ATMs and is
well-positioned to serve retail clients. SAB was ranked 54th in Russia by
total assets at end-June 2005. It has B1 long-term foreign currency rating
from Moody’s and B- from Fitch.
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EBRD finance:
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EBRD will invest up to RUB 142.2 million (USD 5 million equivalent) by means
of subscription to newly issued ordinary voting shares to maintain its
blocking minority stake in the bank. EBRD will also invest up to RUB 283
million (USD 10 million equivalent) in convertible preference shares.
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Total project cost:
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Total capital increase of RUB 568.8 million (USD 20 m) in the form of ordinary
voting shares and RUB 568.8 million (USD 20 m) in the form of convertible
preference shares.
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Environmental impact:
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SAB adopted EBRD’s Environmental Procedures for Intermediated Finance through
Local Banks in the full range of its commercial lending activities. SAB is
also in full compliance with applicable national environmental, health and
safety requirements and adheres to the Environmental Exclusion and Referral
List.
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Technical
cooperation:
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Sibacadembank was included as a sub-project under the Russian Regional Bank
Institution Building Programme Framework funded by the European Union. The
focus of the assignment is improving risk management in SAB.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Ilia Mitelman, Deputy Chairman of the Management Board
Tel: + 7 095 9357261
Fax: + 7 095 9357261
Email: Mitelman@mtbank.ru
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EBRD contact:
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Tamara Kakuchaya, Operation Leader: kakuchat@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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