BSTDB cooperates with URSA Bank to promote mortgage financing in Russia
Press Release | 03-Mar-2008
BSTDB signed a 7 year loan agreement with URSA Bank (Russia) for the amount of USD 36 million for the purpose of financing mortgage programs.
“The financial sector is one of the priority sectors for the BSTDB involvement in order to foster the development of a competitive private sector in Russia. Our partner under this transaction is one of the leading private Russian regional banks actively developing mortgage lending programs. This transaction will allow URSA Bank to better serve the rapidly growing mortgage financing needs of the Russian citizens” - stated Andrey Kondakov, BSTDB Vice-President, signing the loan agreement.
“This transaction reflects the results of our consistent efforts to diversify liabilities structure of URSA Bank to the maximum practicable extent. Under high volatility conditions of international financial markets we used the resources of development institutions as one of the effective instruments of active operations funding. BSTDB offered URSA Bank attractive lending terms and conditions” – said Kirill Brel, URSA Bank General Director.
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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Ursa Bank was established in 2006 as a result of the merger of Sibacadembank JSC (Novosibirsk) and Uralvneshtorgbank JSC (Yekaterinburg). The Bank is majority privately owned by Russian citizens, while important stakes belong to EBRD and DEG (Germany). As at the beginning of year 2008, URSA Bank’s mortgage loan portfolio amounted to $860 mln according to IFRS statements, which makes 234% annual increase. As per this indicator, URSA Bank is among the top 7 mortgage banks in Russia. Ursa Bank is rated B (positive) by Fitch, Ba3 (stable) by Moody’s and BB+(stable) by Rus-Rating.
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.