BSTDB extends a subordinated loan to Bank ZENIT

News | 22-Jun-2009

BSTDB signed an agreement for provision of a USD 20 million long-term subordinated loan to Bank Zenit, one of the leading Russian private banks.

The BSTDB loan with a tenor of 7 years will strengthen the capital adequacy of Bank Zenit by providing long-term liquidity and will increase its capacity to expand lending to its clients.

“We are glad to support Zenit Bank to sustain its business in this very uncertain situation”, stated Andrey Kondakov, BSTDB Vice-President Banking signing the loan agreement.

Commenting on the agreement, Deputy Chairman of the Management Board of Bank Zenit Elena Gornaya 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”.