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International Moscow Bank - Recapitalisation (debt & equity)
|Business sector:||Depository Credit Banks|
|Target Board date:||25 Jan 2000|
|PSD disclosed:||16 Mar 2000|
Recapitalisation financing for International Moscow Bank, Russia's fourth-largest commercial bank recapitalisation financing in the Russian Federation. The EBRD proposes to finance part of the recapitalisation programme initiated by IMB's major Western shareholders, which is necessary because the Russian financial crisis of 1998 effectively eliminated IMB’s equity. The recapitalisation will allow IMB to comply with the Central Bank of Russia and IAS standards.
The project will have a significant "demonstration effect" as it is the first internationally led recapitalisation of a Russian bank since the 1998 financial crisis. The project will also increase genuine commercial competition in the Russian banking sector.
International Moscow Bank (IMB) – a majority Western-owned consortium bank established and operating in Russia, with headquarters in Moscow.
US$ 10 million (EUR 10.4 million) of subordinated debt for inclusion into Tier 2 capital and an investment of US$ 5.3 million (EUR 5.5 million) into ordinary shares of IMB, which will make the EBRD a 10% shareholder. Both the equity and subordinated debt might be later shared with another party.
Participation of the EBRD will be a part of and subject to the total recapitalisation of the bank in the amount of US$ 70 million (EUR 72.5 million). IMB’s consortium shareholders structure will be changed as a result of the recapitalisation, with two reputable foreign banks leading the process as major shareholders.
Total project costs are US$ 15.3 million (EUR 15.9 million).
The project will not have significant environmental impact since the funds to be provided are not for further on-lending.
For business opportunities or procurement, contact the client company.
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