An agreement was signed in Zurich, Switzerland under which a consortium of West European banks shall extend a syndicated loan of US$35 million to the Russian Commercial Bank (RCB), Zurich, a 100%-owned subsidiary of Vneshtorgbank.
The loan is extended for 2 years at the rate of LIBOR +1.2 % p.a. Lead-manager of the deal is Zürcher Kantonalbank. Among the consortium members are also Standard Chartered Bank, London; Bayerische Landesbank, Munich; Bank Austria Creditanstalt AG, Vienna; Skandifinanz Bank Ltd., Zurick; Atlantik Forfaitierungs AG, Zurich and Luzerner Kantonalbank", Luzern.
This is the first syndicated loan ever extended to a Russian bank in Switzerland. Citing Peter Huwyler, member of the Board of Zürcher Kantonalbank, the syndication did not meet any problem because RCB is a well-reputed bank on the market due to its highly professional management and robust performance, primarily, in corporate business. The syndication members were also encouraged by the fact that RCB is 100% owned by Vneshtorgbank, a leading commercial bank of Russia.
RCB, Zurich plans to channel the funds raised into extending financial support to foreign economic activities of Russian companies.
Russian Commercial Bank, Zurich, was established by Vneshtorgbank in 1992. The Bank is an associated participant in the Swiss Exchange and a member of the Interbank Clearing System in Swiss Franks.
Major business activities are commercial lending and trade financing of projects related to the Russian economy, as well as servicing of foreign trade.