Senior Secured Loan for Vostok Finance Group

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 44640

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 44640

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

16 Apr 2013

Disclosure date

15 Mar 2013

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The EBRD is considering a senior secured loan for Swizza Holding Limited, Cyprus (the “Company” or “VostokFinance Group”).

The EBRD financing will be used to further expand the Company’s business of acquiring and resolving unsecured retail non-performing loans and receivables (“NPL”) from originating financial institutions in Russia and Ukraine as well as potentially Kazakhstan. The EBRD loan proceeds will be down-streamed to the respective countries for eligible NPL purchases.

Transition Impact

The Project will support a leading NPL asset manager to further expand its operations as well as the NPL market in Russia and Ukraine and potentially Kazakhstan. This is expected to have a beneficial impact on financial institutions’ balance sheets, introduce further efficiency in the NPL market and continue setting of standards of reputable and responsible resolution of NPLs in the countries concerned.

The Client

VostokFinance Group is one of the leading NPL asset managers in Russia and Ukraine, focusing on acquisition and resolution of NPLs from originating financial institutions in Russia and Ukraine. The Company considers a business expansion to Kazakhstan.

VostokFinance Group is a member of the National Association of Professional Collection Agencies (NAPCA; Russia) and the Ukrainian Collection Business Association (ACBU; Ukraine) and is regulated by the codes of ethics of these associations, as well as by the Code of Conduct of the Federation of European National Collection Associations (FENCA).

EBRD Finance

Up to USD 10 million multicurrency senior secured loan denominated in USD and RUB.

Project Cost

At least USD 15 million, including financing from other lenders.

Environmental Impact

Categorised FI. The Company's NPL collection procedures are strictly based on the European Code of Conduct for Collection Agencies. The Company will be required to comply with the EBRD's Performance Requirements 2 and submit annual environmental and social reports to the EBRD on the implementation of PR2 and the Code of Conduct.

Technical Cooperation

None.

Company Contact

Andrey Sakhno, Head of Public Relations:
Tel: +380 44 206 3757; Fax: +380 44 275 6388
Mob: +380 50 356 0359
Email: Andrey.Sakhno@vostokfinance.com
www.vostokfinance.com

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

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Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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