Credit Bank of Moscow (CBM) has obtained funds from international financial institutions in the amount of USD 40,000,000 by means of a syndicated loan
A USD 40,000,000 one year syndicated loan agreement for CBM was signed on September 19, 2005. The interest rate was fixed at LIBOR+3,20%. The initial bid of USD 25,000,000 was boosted up by futher USD 15,000,000 during the syndication to make a 60% oversubscription.
The transaction has been arranged by Bankgesellschaft Berlin AG, Commerzbank Aktiengesellschaft and Standard Bank Plc as MLAs. Banks from Western and Eastern Europe, Baltic region, North America, Central Asia and Russia have taken part in the syndicate. The
The proceedings will be applied to finance CBM clients' foreign trade operations.
This is the third and the largest loan of this type in the history of CBM. Besides the syndicated loans, the Bank is well-known on the international capital market due to two credit lines from International Finance Corporation (IFC), a Member of the World Bank Group, Washington, provided for SMEs financing (USD 10,000,000
Credit Bank of Moscow is an active player in Russian trade finance market, supported by c. USD 345,000,000 limits with foreign banks and ECAs.