Vneshtorgbank received a US$175 000 000 loan
30 September 2003
A group of foreign banks has extended to Vneshtorgbank a loan of US$ 175 000 000, in the form of a "club deal", involving a limited number of participants. The lending agreement was signed in Moscow on September 30, 2003, by President and CEO of Vneshtorgbank Andrey Kostin.
The arrangers and participants of the deal were 12 major world financial institutions - the main correspondent banks of Vneshtorgbank - Deutsche Bank AG,
Citibank NA, Commerzbank AG, Dresdner Bank, HVB, ING Bank NV, Natexis Banques Populaires, Standard Bank, UFJ Bank, Bank of Tokyo-Mitsubishi, WestLB AG, HSH Nordbank AG.
The loan is extended for a one-year term at the annual LIBOR+1,5% rate, the lowest ever rate for the unsecured loans provided to the Russian companies. Vneshtorgbank will use this loan to increase the funding of trade operations of its Russian customers.
Earlier, in December 2002, Vneshtorgbank was extended the largest syndicated loan throughout the Russian banking sector history in the totalount of
US$ 240 000 000. This club deal organized in a limited time on a very favourable conditions is still another illustration of the willingness of foreign banks to provide financing to Vneshtorgbank and of an increasingly growing trust on the part of western financial community to Vneshtorgbank.
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