BSTDB extends its first subordinated loan in Russia

News | 18-Apr-2007

Thessaloniki, 18 April 2007

BSTDB EXTENDS ITS FIRST SUBORDINANTED LOAN IN RUSSIA

BSTDB will provide a USD 10 million subordinated loan to a Center-Invest Bank (CIB) in Russia, with a maturity of up to 7 years, to facilitate CIB’s future business growth.

Through this first subordinated loan extended to a Russian bank, the BSTDB will contribute to the development of the Southern region of Russia, Rostov oblast in particular, by supporting high quality financial services to local SMEs and exporters.

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Established in 1992 as an open joint-stock company, Center-Invest Bank is partly owned by EBRD and DEG. With assets of USD 474 million, CIB is one of the leading banks in Rostov region (south of Russia) offering a wide range of services to individuals and corporate clients in accordance with international standards.

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. With an authorized capital of SDR 1 billion (approx. USD 1,45 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 by Moody’s.