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A USD450 million syndicated loan raised by Vneshtorgbank

 
8 April 2005

Vneshtorgbank has raised from a group of foreign banks a syndicated loan which is the largest loan ever raised in the Russian banking industry.

The deal involving about 40 foreign banks was arranged by ABN AMRO Bank, Citibank and ING Bank. The total participation offers made by foreign creditors exceeded the initially planned credit amount by 150%.

The syndicated credit worth USD450 is to be redeemed in 3 years, with the interest rate set at LIBOR+1,2% p.a.

In terms of foreign borrowings made, Vneshtorgbank is maintaining a strong leadership among Russian banks. Presently, the aggregate amount of resources raised by Vneshtorgbank on international capital markets has surpassed USD4.2 billion. In 2005, Vneshtorgbank also succeeded in implementing a large-scale project to raise a USD750 million subordinated loan on international financial market, which was another record for the Russian banking system.


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