EBRD arranges Russian syndicated loan

Published: June 3, 2010

Bank hopes deal for Promsvyazbank kick-starts market recovery.

The European Bank for Reconstruction and Development  (EBRD) has raised US$250mn for Russia’s Promsvyazbank in a syndicated loan involving 11 international banks. 

The EBRD hopes the deal demonstrates a recovery in Russia’s syndicated loans market.

Mandated lead arrangers for part of the loan were Commerzbank, Credit Suisse, HSBC, ING, Oversea-Chinese Banking Corporation, Royal Bank of Scotland, Raiffeisen, Standard Chartered Bank, UniCredit, VTB and WestLB.

The EBRD previously arranged a US$300mn loan for Promsvyazbank in 2007, including a US$215mn portion syndicated to 33 banks. The EBRD took an 11.75% stake in the bank in a deal last year.