Transcapitalbank raises 13 mln loan organized by EBRD
MOSCOW. Aug 17 (Interfax) - The European Bank for Reconstruction and Development (EBRD) has organized a loan worth $13 million for Transcapitalbank, the EBRD said in a press release.
The EBRD is providing the A tranche worth $10 million and available for four and a half years.
This the first financing involving a Russian social bank, which is not a commercial operation, which earlier were the traditional partners for the EBRD in similar transactions. German's Bank Im Bistum Essen eG provided the B tranche worth 3 million and repayable in three years. The loan's rate equals the six-month LIBOR+4%.
Transcapitalbank will earmark these loan funds for lending to its clients, small and medium-sized businesses, which meet the criteria for the EBRD's program for supporting such businesses. Bank Im Bistum Essen was involved in the loan since it is for smaller businesses.
The EBRD has been a shareholder in Transcapitalbank since 2006 with a 28.6% stake.
The EBRD and the International Finance Corporation, which is also an owner in the Russian bank, raised $164 million for Transcapitalbank in July 2010, including a tranche worth $104 million from a syndicate of commercial banks. The B tranche's term initially came to one year but was extended with the same rate at the six-month LIBOR+3.25%
The main shareholders in Transcapitalbank are its top-management, EBRD (28.6%) and Germany's corporation for investment and development DEG (10.5%). The bank's head, Olga Gryadovaya, owns 24.2% and her husband Leonid Ivanovsky holds 13.5%.
Transcapitalbank was 48th biggest bank in Russia by assets at the end of the first half of 2011, according to the Interfax-100 rating, compiled by the Interfax Center for Economic Analysis.