Project Description
The proposed project consist of two facilities:
-
a senior syndicated loan of USD 30 million with an A/B structure, B loan to be syndicated, to DeltaCredit Bank (DCB), the first specialised residential mortgage bank in Russia, for financing its mortgage portfolio. The loan will diversify DCB's funding base and leverage its capital.
- a senior loan of RUB 300 million to DCB. The loan will allow DCB to launch local currency mortgage loans in Russia.
Please refer also to project 36313 .
Transition Impact
The Bank’s second round of financing will be a logical continuation of the first round by supporting the Company in mobilising commercial financing for Russian mortgage market and add local currency mortgages to its product portfolio.
The syndicated loan will introduce commercial lenders to the secured loan structure and to the Company in general. This will demonstrate that commercial financing of mortgage receivables is achievable in the Russian market. The rouble loan will enable DCB to launch rouble-denominated mortgage offering. Rouble mortgages of DCB would be the first significant private sector offering of local currency residential mortgage funding in Russia.
The mortgage market is still at an early stage of its development in Russia. DCB is playing a pioneering role in the development of the sector and is introducing best practice standards for the industry. The proposed transactions allows DCB to continue focusing on expansion of its portfolio and through this make mortgage financing available to more Russians.
The Client
DeltaCredit Bank is the leading mortgage provider in Russia, established by The US-Russia Investment Fund (TUSRIF) in 1999.
EBRD Finance
Syndicated loan: senior term loan of up to USD 30 million, with an A/B structure, B loan to be syndicated.
Rouble loan: senior term loan of RUB 300 million (EUR 8.1 million)
Project Cost
USD 40 million.
Environmental Impact
The project has been classified as a financial intermediary (FI). The environmental risks associated with the operation and the potential portfolio are low. DCB will need to comply with EBRD’s Environmental Procedures for the Residential Mortgage Lending.
Technical Cooperation
None.
Company Contact
Serge Ozerov, CFO
e-mail: sozerov@deltacredit.ru
Tel: +7 095 960 3161
Fax: +7 095 960 3162
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
