US$ 20 million subordinated facility to Raiffeisen Bank Moscow to strengthen capitalisation of the bank and to allow it to extend its lending operations without exposure to foreign exchange risk.
The project aims to:
increase supplementary (Tier II) capital of RBR through subordination in order to maintain capital adequacy requirements;
- support further private sector credit operations and finance anticipated loan growth; and
- improve the range of products and services offered to clients in order to expand the deposit base of the bank.
By implementing the facility, the EBRD will enhance the supply of much-needed finance to the local private sector. A secondary benefit is that it will increase competitiveness in the country’s banking system.
Raiffeisenbank Moscow (RBR) was established in 1997 as a 100 per cent subsidiary of Raiffeisen Zentralbank (Vienna, Austria). RBR is a fully licensed commercial bank with the right to offer to its resident and non-resident clients a complete range of banking products for domestic and cross-border operations in both Russian rouble and foreign currencies. The bank has a special focus on structured trade finance products, tailor made for the complex Russian environment.
The loan will be subordinated to other creditors of RBR and will have a maturity of six years. In accordance with the Basle Accord, the loan will be qualified as Tier 2 capital of RBR.
US$ 20 million (€21 million).
RBR will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks. In implementing these procedures, RBR will require its borrowers to comply, at a minimum, with national /local health, safety, environmental and public consultation requirements.
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