Bank News

ING Wholesale Banking arranges credit facility for Russian Bank for Development

23 Ноября 2007

On the 20th November 2007 ING Wholesale Banking (legal name ING Bank N.V.) and Russian Bank for Development (OJSC "RBD") have signed a loan facility agreement amounting to RUB 4 bn.

This 2-year financing deal is granted at 8.325% per annum; interest to be paid quarterly.

The facility will be disbursed in tranches. First RUB 2.5 bn tranche will be disbursed on 23 November 2007. Subsequent tranches can be drawn down at any time during the next 3 months.

According to Sergey Kryukov, RBD’s Chairman of the Board, «raised funds will be used to finance the Bank’s projects, including the financing of small and medium sized enterprises within the State Corporation "Bank for Development and Foreign Economic Affaires" (Vnesheconombank)".

«Despite the global credit crisis, the market is still open for sub-sovereign borrowers, like RBD», noted Niall Carton, Managing Director at ING Wholesale Banking.

It’s worthwhile to notice, that a similar agreement amounting to RUB 2.5 bn and guaranteed by the Government of the Russian Federation has been concluded between ING Wholesale Banking and Russian Bank for Development in March 2005. The loan has been repaid in full in December 2006.

The Russian Bank for Development was established under the Federal Law No. 36-FZ "On the Federal Budget for 1999" and Decree of the Government of the Russian Federation No. 391-r dated March 10, 1999 as a national development bank using the best international practices of the national institutions for development. 100% shares of OJSC "RBD" will be used as a charter capital in the State Corporation "Bank for Development and Foreign Economic Affaires" (Vnesheconombank)". RBD charter capital is RUB 4,66 bln. The bank has been granted an investment grade rating by international credit rating agencies, the highest for Russian banks - Standard & Poor's (BBB+, Stable outlook /A-2) and Moody's Investors Service (Baa2, Stable outlook).

ING Wholesale Banking - is the corporate and investment banking division of ING Group. ING Group is a global financial services company of Dutch origin with 150 years of experience, providing a wide array of banking, insurance and asset management services in over 50 countries. Based on market capitalization ING is one of the 20 largest financial institutions worldwide with assets exceeding EUR 1 trillion.

ING Wholesale Banking is active in Russia since 1993 (legal name "ING BANK (EURASIA) ZAO"). ING Wholesale Banking Russia provides a full range of financial services with focus on Debt Capital Markets, Payments & Cash Management, Securities Services, Financial Markets, Equity Markets, Structured & General Lending and Corporate Finance.

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