Credit Bank of Moscow Is Top Bank In Europe, Central Asia under IFC Trade Program
Paris, October 23, 2008—Credit Bank of Moscow was the most active issuing bank in Europe and Central Asia under IFC’s Global Trade Finance Program in fiscal 2008, helping to finance 33 trade transactions totaling more than $61 million.
The Global Trade Finance Program, launched in 2005, supports trade with emerging markets worldwide and promotes the flow of goods and services to and from developing countries. IFC provides partial or full guarantees for individual trade transactions and covers the payment risk of 126 issuing Banks in 66 countries. In its first three years of operation, more than 2,300 guarantees have been issued for over $3 billion in commitments.
Credit Bank of Moscow was the first Russian bank to join the program. In 2006, Credit Bank of Moscow received the first US$10 million uncommitted trade finance line, which was up to date gradually increased to US$40 mln.
Russia became a member and a shareholder of IFC in 1993. Since then, IFC has invested more than $4 billion in the country in over 170 projects. IFC’s investment in Russia currently stands at $2.7 billion, making it the second-largest country portfolio for IFC globally. IFC has invested in key sectors, including banking, leasing, housing finance, infrastructure, mining, agribusiness, pulp and paper, construction materials, oil and gas, telecommunications, information technologies, retail, and health care. For more information, visit www.ifc.org/europe
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org
About Credit Bank of Moscow
Credit Bank of Moscow is a universal privately owned commercial bank set up in 1992. Having started business in Moscow and Moscow region, the bank is now expanding to other regions of Russia. CBOM has a network of 55 branches in 18 Russian cities and intends to have up to 56 branches by the end of the year. The bank reported total assets of $1.9 bln and equity of $252 mln as of HY 2008. Credit Bank of Moscow is rated B (stable) by Fitch and B1 (stable) by Moody’s.