Rusfinance Bank Rouble Loan



Project number:


Business sector:

Non-depository Credit (non bank)

Notice type:


Environmental category:


Approval date:

15 Jun 2006



PSD disclosed:

04 Aug 2005

Project Description

The proposed project is a senior loan of RUB 2.1 billion to Rusfinance Bank (ex-Promek Bank), a consumer finance bank that belongs to Societe Generale Group. The proceeds of the loan will go towards financing the portfolio of consumer loans in the Russian Federation.

Transition Impact

The proposed Russian Rouble loan will further advance the availability of local currency funding for banks lending to Russian citizens. Lack of funding, especially of local currency funding, is a major impediment to growth in the Russian consumer finance sector.

The project will increase the competition in the consumer finance market in Russia by supporting the entry of a new strong foreign strategic investor. This helps to expand the market both through lowering over time the interest rates and an increased range of local currency credit products.

The entry of Societe Generale will demonstrate that western business practices and strong corporate governance can be implemented in banks in the Russian consumer finance sector. SG will bring its consumer finance business practices to Promek and hence set an example of best practices in business conduct and consumer protection to other market participants.


The Client

Rusfinance Bank (ex-Promek Bank) is a Samara based consumer finance bank. It was recently acquired by Rusfinance S.a.S. Rusfinance is a consumer finance bank, 68 % owned by Societe Generale, France (‘SG’) and 32 % by Baring Vostok Capital Partners, Russia.

EBRD Finance

RUB 2.1 billion (EUR 60 million) senior term loan for financing the development of consumer finance portfolio.

Project Cost

EUR 60 million.

Environmental Impact

There are no environmental risks associated with the consumer financing, therefore there will be no environmental requirements associated with this operation.

Technical Cooperation


Company Contact

Maurice Caulliez, CFO, Rusfinance
Tel: +7 095 540 7000
Fax: +7 095 789 6921



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

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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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