Uralsib raises US$110mn

Uralsib raises US$110mn

Published: September 22, 2011

Emirates NBD, Standard Chartered and Wells Fargo arrange funding.

Russian bank Uralsib has secured US$110mn from a syndicate of three banks.

Emirates NBD Bank, Standard Chartered and Wells Fargo provided the funds to Russia’s fourth largest private bank.

Bank Uralsib raised 10% more than it intended and will use the proceeds of the one-year loan for general trade finance purposes and foreign currency financing. 

Standard Chartered contributed US$30mn to the deal in a move that continues the relationship it inherited in 2007 when it bought American Express’ banking arm, which worked with Uralsib.

“If you go back four years you would not have seen Standard Chartered Bank doing a banking syndication in Eastern Europe,” says Hiren Singharay, Standard Chartered’s EMEA head for syndications.

Standard Chartered has traditionally focused on the Middle East, Africa and Asia but the Uralsib syndication is one example of how the America Express deal has changed that. “We are doing business for the banks in that part of the world [emerging Europe] now,” says Singharay.