International Moscow Bank-Capital Increase

Location:

Russia

Project number:

36677

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

19 Sep 2006

Status:

Completed

PSD disclosed:

04 Aug 2006

Project Description

The proposed project envisages EBRD’s subscription of newly issued ordinary and preferred shares of IMB. The project is aimed at strengthening IMB capital to support the organic growth of the bank’s business.

Transition Impact

The project will provide IMB with capital and financial resources needed for the implementation of the bank’s medium-term strategy, with a particular focus on lending to private sector SMEs and retail clients. In supporting IMB to expand its operations and develop its branch network, the EBRD promotes competition among the top tier banks, and the state-owned banks in particular. Higher level of competition in the Russian banking sector will promote its development through the introduction of new products and increasing quality of customer service.

The Client

IMB was founded in 1989 and has emerged as the one of the leading private banks in Russia with reputable shareholders and excellent local reputation. IMB has a ‘BB/Positive’ rating by Standard & Poor’s and ‘BBB+/Stable by Fitch.

EBRD Finance

tbc.

Project Cost

tbc.

Environmental Impact

IMB is well familiar with the environmental requirements of the EBRD through the existing operations and will continue to comply with those. IMB will be required to apply the EBRD’s Environmental Procedures for Intermediated Financing through Local Banks to its overall lending portfolio and to submit annual environmental reports to the Bank.

Technical Cooperation

None.

Company Contact

Denis Plenkin
Head of Department, Financial Institutions Division
9, Prechistenskaya Emb. Moscow, Russia

Tel: +7-095 258-6587
Fax:+7-095 258-7272

E-mail: DPlenkin@imbank.ru

 

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