Primsotsbank Equity investment

Location:

Russia

Project number:

36582

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

19 Sep 2006

Status:

Disbursing

PSD disclosed:

18 Aug 2006

Project Description

Equity investment in Primsotsbank by subscribing to newly issued ordinary shares representing up to 12.5% of the bank’s total capital.

Transition Impact

This investment will support a Russian bank based in the Far East with good regional coverage and potential to develop further its distribution network and provide high quality services to SMEs and retail customers.

The investment is also designed to support the corporate governance and institutional improvements that are already under way in Primsotsbank.

The Client

Primsotsbank, a privately owned Russian bank established in 1993 and located in the Far East with a good regional network and a strategic focus on SME and retail lending.

EBRD Finance

To be confirmed.

Project Cost

To be confirmed.

Environmental Impact

Primsotsbank will be required to adopt the EBRD’s Environmental Procedures for Intermediated Financing through Local Banks and to apply these procedures to the whole range of its commercial lending operations. This includes adherence to the FI Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety and labour legislation, appointment of a member of senior management with overall responsibility for the implementation of environmental procedures, and submission of annual environmental reports to EBRD.

Technical Cooperation

TC, estimated at EUR 250,000, may be provided at a later stage within the Regional Institution Building Framework.

Company Contact

Ms. Olga Ivaschuk
Head of International Banking Department
e-mail: olga@pskb.com

Telephone: +7 4232 –300299
Fax: +7 4232 – 422076

 

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