BSTDB and Bank ZENIT expand support for the small and medium business development in Russia

Press Release | 28-Feb-2008

BSTDB provided a USD 25 million bank-to-bank loan to Bank Zenit (Russia) for financing small and medium-sized corporate clients (SMEs).

The BSTDB loan with a tenor of 5 years will help Bank Zenit to effect the implementation of advanced instruments and technologies of small and medium business lending in Russia. Besides, the credit will create the additional provisions for the enlargement of volumes of medium-term financing to the Russian SMEs.

The operation would thus serve the national priority to promote the development of the small and medium-sized business as a generator of sustainable economic growth.

In the first quarter of 2008, BSTDB signed 4 loan agreements with Russian financial institutions for the total of over USD 100 million.

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OJSC Bank ZENIT (www.zenit.ru) is one of the country's 25 leading private finance and credit institutions in terms of assets, profit and equity (according to Rosbusinessconsulting and Expert RA Rating Agency). Provision of integrated corporate banking services is one of its core areas of operations. Bank ZENIT is actively involved in development and promotion of retail services, and offers its individual customers the full range of banking programs, including deposits, mortgage, consumer and car loans, bank cards, and safe deposit boxes. The Bank also has strong positions in the market for investment and private banking services. Bank ZENIT is rated by international rating agencies at Ba3/Stable (Moody's) and B/Positive (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, Türkiye, 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.