The proposed project envisages an equity investment in Sibacadembank to acquire 25% of voting rights plus one share in the leading private bank in western Siberia. The investment will increase Sibacadembank’s capital base and is designed to support the bank’s growth as it expands its corporate and retail lending activities throughout its network of offices in Siberia.
The project will promote financial intermediation and competition in the banking sector through its support of a private regional bank that is developing dynamically in its local market and expanding the range of banking products for its client base.
EBRD participation in Sibacadembank is intended to set an example for other regional banks that a well-managed private bank can compete successfully in its market niche with state banks and banks which are members of industrial-financial groups.
By setting high standards for corporate governance the project is designed to assist Sibacadembank in meeting international standards of transparency and business conduct.
Sibacadembank is a universal bank established in 1990 in Novosibirsk which has developed rapidly over recent years to occupy a leading position in its local banking market. Sibacadembank has one of the most widespread presences in Siberia, with seven branches, 28 sub-branches and 18 additional outlets in seven oblasts. The bank is particularly well-placed to extend its retail banking and plastic card activities over the near term, while continuing to expand its lending to SMEs under the Russia Small Business Fund.
Equity investment of up to US$ 9.8 million by means of subscription to newly issued ordinary shares.
Up to US$ 9.8 million
Sibacadembank will be required to comply with EBRD’s Environmental Procedures for Intermediated Financing through Local Banks, including adherence to the Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety legislation, and submission of annual environmental reports to EBRD.
Mr. Ilya Mittelman, Deputy Chairman of the Management Board
telephone: +7 095 290 6500
fax: +7 095 290 6500
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Text of the PIP