ABSOLUTBANK SME CREDIT LINE

Location:

Russia

Project number:

35304

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

16 Nov 2004

Status:

Completed

PSD disclosed:

06 Oct 2004

Project Description

The proposed project consists of a senior loan in the amount of US$ 10 million for on-lending to private sector Small and Medium-sized  Enterprises (SMEs).

Transition Impact

The proposed project is expected to have transition impact in two main areas:
  • In supporting private sector SMEs by providing term funds the project will raise the level of financial intermediation and allow EBRD funds to reach SME sub-borrowers to finance their investment projects, for which long-term funding is currently not readily available.
 
  • The proposed project seeks to contribute to the transformation of Absolut Bank into an independent commercial bank working according to transparent principles of business conduct. Achievement of this goal is expected to increase Absolut Bank’s attractiveness to creditors and potential investors.

The Client

Absolut Bank was established in 1993 as a universal bank by a group of private entrepreneurs.  Currently, Absolut Bank is a medium-sized privately-owned bank that provides a full range of retail and corporate banking services.

EBRD Finance

US$ 10 million senior loan for on-lending to private SMEs

Project Cost

US$ 10 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 legislation, adherence with EBRD’s Environmental Exclusion List and submission of annual environmental reports to the Bank.

Technical Cooperation

None.

Company Contact

Mr. Nikolay Sidorov, Senior Deputy Chairman
Fax: (7 095) 935 0052
E-mail: nis@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

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.