Financial institution in Moscow resumes business operations in the financial sector
In a significant development, Credit Bank of Moscow has successfully completed a US$53 million syndicated term loan facility. This marks the bank's fifth foray into the international syndicated loan market.
Established in 1992 and active in Moscow and the Moscow region, Credit Bank of Moscow has built a strong reputation in the market. The facility was well received, generating a healthy oversubscription, as previously stated.
The deal carries a margin of 2.50% per year and is one-year extendible, providing flexibility for the bank's financial planning. The proceeds from this loan will be utilised for trade-related financings and to repay a US$40 million syndicated loan from 2005.
A consortium of banks has joined forces to manage the facility. These include Adria Bank, Banif, Caixa Geral de Depsitos France, Export-Import Bank of the Republic of China, Finansbank (Holland), and Landesbank Baden-Wuerttemberg. Bre Bank, BRED Banque Populaire, and Wachovia Bank have joined as arrangers, while Anglo Romanian Bank and International Moscow Bank have taken on lead arranger roles.
Commerzbank and Standard Bank Plc acted as mandated lead arrangers and bookrunners for the facility. AKA Ausfuhrkredit, Sparis abanki Islands/Icebank, London Forfaiting Company, Nova Ljubljanska banka, OTP Bank, Rietumu Banka, and UBAE - Arab Italian Bank have joined as lead managers.
Credit Bank of Moscow specialises in financing small to medium-sized corporates, with a main focus on large Moscow-based retail chain distributors of consumer goods. The bank currently operates 14 branches, six mini-branches, and 16 cash offices.
In terms of credit ratings, Credit Bank of Moscow holds international credit ratings by Moody's Investors Service of B1/NP for foreign currency deposits and an E+ Financial Strength Rating (FSR). The bank also has international credit ratings by Fitch: B-/B/B/5/positive and local ratings by Interfax: A3/RUS-2 and Fitch: BB+.
At the time of writing, there are no confirmed details available on this specific loan or financial transaction from the latest news sources. However, Credit Bank of Moscow's successful completion of this syndicated term loan facility underscores its strong position in the market and its ability to secure significant funding for its operations.
This syndicated term loan facility by Credit Bank of Moscow, worth US$53 million, will be used for trade-related financings and to repay an existing loan. With the success of this transaction, Credit Bank of Moscow is not only showcasing its financial strength but also its commitment to digital trade and sustainable trade practices.
