The proposed project envisages an equity investment to purchase a significant minority stake of Spurt Bank’s capital and voting rights by means of the acquisition of existing shares. Spurt Bank is a regional bank headquartered in Kazan, Republic of Tatarstan (RoT). Spurt Bank is currently mostly a corporate bank that has recently introduced an SME and retail strategy and the Bank’s investment is intended to support this process.
The transition impact potential of the Project arises mainly from its support of a transformation of a regional bank based in the RoT into a bank positioned for regional expansion and operating according to best practice standards of corporate governance and business conduct. The Project will support the implementation of the bank’s strategy of regional expansion and development of its SME and retail lending activities.
The equity investment is designed to cement the corporate governance and institutional improvements that are already under way in Spurt Bank.
EBRD plans to provide technical assistance under the Regional Institution Building Program to Spurt Bank to enhance the bank’s operations.
Spurt Bank, the 4th largest bank by capital in the RoT established in 1992.
To be confirmed.
In 2005 SB received an SME loan from EBRD in the amount of RUB 280 million that had an energy efficiency component for SME borrowers.
To be confirmed.
Spurt Bank 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.
TC may be provided at a later stage (estimated at EUR 250,000) within the Regional Institution Building Framework.
Mr. Alexei Zemlyakov, Vice President
Telephone: +7 8432 –915104
Fax: +7 8432 – 915017
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