Bank ZENIT to obtain a subordinated loan from the Black Sea Trade and Development Bank
Bank ZENIT, one of the leading Russian private banks, and the Black Sea Trade and Development Bank signed a 7-year USD20 mn subordinated loan agreement. The loan will strengthen the capital adequacy of Bank ZENIT by providing long-term liquidity and increase its capacity to expand lending to its clients.
Commenting on the agreement, Elena Gornaya, Deputy Chairman of the Management Board of Bank ZENIT mentioned: "Bank ZENIT is a client of the Black Sea Trade and Development Bank since February, 2008. We are pleased to acknowledge the mutually beneficial nature of our partnership and welcome its development".
"We are glad to support Bank ZENIT to sustain its business in this very uncertain situation", stated Andrey Kondakov, BSTDB Vice-President Banking signing the loan agreement.
FOR REFERENCE
Banking Group ZENIT was formed in 2005 as a result of the purchase by Bank ZENIT of a controlling stake in JSB Devon-Credit (OJSC). In 2007, the Banking Group acquired OJSC Lipetskkombank and JSB Sochigazprombank LLC (later renamed into Bank ZENIT Sochi). OJSC Spiritbank (the city of Tula) joined the Group in December 2008. According to the consolidated financial statement of the Banking group for 2008, made in accordance with IFRS, equity capital of the Banking group amounts to RUR 16 765 mn, assets amount to RUR 187 317 mn. The Group provides a full-scale range of banking services in the following areas: comprehensive services to the corporate clients, retail services, private banking, investment banking and interbank business. Banking Group ZENIT is represented in 23 of 83 regions of the Russian Federation; its own retail network consists of 164 points of sale. The Group has created a wide international correspondent network of banking partners, with co-operation from more than 80 international institutions in Europe, America and Asia. Bank ZENIT is currently rated Bа3/Negative by Moody's and B+/Negative by Fitch.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 3 billion (approx. USD 4,5 billion), the Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 (both with positive outlook) by Moody's.
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