Absolut Bank Syndicated Loan

Location:

Russia

Project number:

37172

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

05 Sep 2006

Status:

Complete

PSD disclosed:

20 Jun 2006

Project Description

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.

Transition Impact

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.

 

The Client

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.

EBRD Finance

Senior term loan of USD 40 million from EBRD and additional USD 80 million to be syndicated to commercial banks.

Project Cost

USD 120 million.

Environmental Impact

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.

Technical Cooperation

None.

Company Contact

Mr. Anatoly Maksakov, Vice Prersident

Fax: (7 495) 777 7165
E-mail: avm@absolutbank.ru
Web site: www.absolutbank.ru

 

 

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

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

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Text of the PIP

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