BSTDB Cooperates with AKB “EVROFINANCE MOSNARBANK”

News | 08-Jun-2008

The Black Sea Trade & Development Bank (BSTDB) made available a 7-year USD 38 million loan for mortgage financing to AKB "Evrofinance Mosnarbank" (Russia). The loan proceeds will be on-lent to individual Russian clients to finance residential mortgage loans. The BSTDB financing will support "Evrofinance Mosnarbank" to better service the rapidly growing mortgage financing needs of its retail clients.

Signing the loan agreement, Hayrettin Kaplan, BSTDB President said: "We are happy to contribute to the implementation of the Russian national priority to improve the housing situation in the country and facilitate access of Russian citizens to affordable mortgage financing. It is important to note that the BSTDB facility is manly targeting the people with medium size income, thus responding to the needs of the country and the BSTDB development mandate".

Mr. Ilya Lomakin, the CEO of AKB "Evrofinance Mosnarbank" stressed that "this loan represents another step in developing the bank’s programs addressing an important issue for the establishing middle class in Russia to access mortgage financing. As a result of efficient work of experts of our two banks, the Loan Agreement was prepared in a very short period of time. We hope to continue our mutually beneficial cooperation with BSTDB».

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AKB "Evrofinance Mosnarbank" was established in December 2003 as a result of a merger of Bank "Evrofinance" with KB "Mosnarbank" (a fully owned subsidiary of the oldest Russian-owned foreign bank - Moscow Narodny Bank Ltd, London). Bank "Evrofinance" was established in 1993 by the Vneshtorgbank of the USSR and a Russian-owned foreign bank Banque Commerciale pour l’Europe du Nord – EUROBANK, Paris. At present the main shareholders of the bank are major Russian companies and financial institutions, including Vnesheconombank, companies of the VTB Group, companies of the "Roscontract" Group and others.

Evrofinance Mosnarbank provides all main banking services. The Bank’s head office is in Moscow. Its branch network covers industrially developed regions of Russia with 25% of the country’s population, thus allowing the Bank to efficiently serve its corporate and retail clients.

Evrofinance Mosnarbank is included in the list of Top-1000 largest world banks by The Banker magazine. The Bank is rated B by Fitch and Ba3 by Moody’s with stable outlooks.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB 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.