Project description
and objectives:
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The project is a syndicated loan in the aggregate amount of up to USD 120
million under an A/B loan structure, consisting of A Loan of USD 40 million
for the EBRD’s account and a B Loan of up to USD 80 million to be syndicated
to participating financial institutions.
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Transition impact:
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The syndicated loan seeks to diversify the bank’s funding base by broadening
the range of financing partners for Absolut Bank (AB) and to lengthen the
maturities of funding provided by commercial banks.
It is expected that EBRD’s participation in the transaction will help AB to
raise medium-term funding that will reflect the current demand for longer
maturities from end-borrowers. The project will underpin the ambitious growth
of the bank and its strategy to diversify the structure of its assets and
liabilities and target a wider client base, including SMEs and retail
customers.
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The client:
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Absolut Bank was established in 1993 as a universal bank by a group of private
entrepreneurs. Absolut Bank is one of the fastest growing Moscow-based banks
and it provides a full range of retail and corporate banking services.
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EBRD finance:
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Senior term loan of USD 40 million from EBRD and additional USD 80 million to
be syndicated to commercial banks.
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Total project cost:
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USD 120 million.
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Environmental impact:
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AB will be required to comply with EBRD’s Environmental Procedures for
Intermediated Finance through local banks, including ensuring compliance with
the applicable national environmental, health and safety and labour
legislation, adherence to EBRD’s Environmental Exclusion and Referral List,
appointment of a member of senior management with overall responsibility for
the implementation of environmental procedures and submission of annual
environmental reports to the Bank.
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Technical
cooperation:
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None.
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. Anatoly Maksakov, Vice Prersident
Fax: (7 495) 777 7165
E-mail: avm@absolutbank.ru
Web
site: www.absolutbank.ru
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EBRD contact:
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Marina Petrov, Operation Leader: petrovm@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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