Project number:


Business sector:

Notice type:


Environmental category:


Approval date:

07 Sep 2004



PSD disclosed:

06 Aug 2004

Project Description

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.

Transition Impact

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.

The Client

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.  

EBRD Finance

Equity investment of up to US$ 9.8 million by means of subscription to newly issued ordinary shares.

Project Cost

Up to US$ 9.8 million

Environmental Impact

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.

Technical Cooperation


Company Contact

Mr. Ilya Mittelman, Deputy Chairman of the Management Board
telephone: +7 095 290 6500
fax: +7 095 290 6500

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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