BSTDB Supports Russia’s Real Economy through Local Currency Loan to Sovcombank
News | 11-Sep-2020
The Black Sea Trade and Development Bank (BSTDB) has disbursed close to RUB 6 billion under a revolving trade finance facility signed with Sovcombank, a leading Russian commercial bank. The BSTDB financing will support Russian manufacturers and exporters that source significant part of their supplies locally and generate employment in the country.
“Providing local currency loans to the real sector clients in Russia and in other member countries is a strategic priority for BSTDB responding to a growing market demand, in particular under the challenging economic conditions amid the pandemic crisis,” said Dmitry Pankin, BSTDB President.
The present financing continues the successful cooperation between BSTDB and Sovcombank starting in 2017. Since then, including the new disbursement, BSTDB provided about RUB 17 billion to Sovcombank (both in Roubles and US Dollars) to facilitate access to trade finance for Russian manufacturers.
Sovcombank PJSC, a leading Russian privately owned commercial bank, is currently the 9th largest bank in Russia by total assets. The Bank offers a full range of banking services to individual and corporate clients through its network, the largest among Russian private banks. Sovcombank is rated BB+ by Fitch, Вa2 by Moody's and BB by S&P. More information is available at www.sovcombank.com.