Credit Bank of Moscow (CBM) has obtained funds from international financial institutions in the amount of USD 10,000,000 by means of a club deal
A USD 10,000,000 half-year club deal facility agreement for CBM was signed on January 5, 2005. The interest rate was fixed at LIBOR+3,75%.
The transaction has been co-ordinated by Commerzbank Aktiengesellschaft, Frankfurt am Main, which also covered the facility agency and documentation agency role. Other participants are: Wachovia Bank, N. A. (USA), Nova Ljubljanska Banka D.D. (Slovenia), Bankgesellschaft Berlin AG and AKA Ausfuhrkredit-Gesellschaft mbH (Germany).
The proceedings will be applied to finance CBM clients’ foreign trade operations.
This is so far the third major loan facility from international capital market to CBM. The Bank had already enjoyed a syndicated loan, and in last autumn, International Finance Corporation, a Member of the World Bank Group, Washington, provided a USD 10,000,000 5-year loan facility for SMEs financing.
Credit Bank of Moscow is an active player in Russian trade finance market, supported by c. USD 240,000,000 limits with foreign banks and ECAs. The last year saw c. USD 70,000,000 turnover of foreign trade transactions by the Bank.