BSTDB and Sovcombank Join Forces to Promote Trade Finance in Russia
Press Release | 02-Jul-2018
The Black Sea Trade and Development Bank (BSTDB) provided a USD 25 million revolving Trade Finance Facility to Sovcombank to extend export and import financing to small and medium-sized businesses (SMEs) and other corporate clients in Russia.
In particular, the Facility will support Sovcombank’s customers’ international business involving exports worldwide and imports from the countries of the Black Sea region.
“This trade finance facility responds to BSTDB’s strategic objective to promote the export potential of the ‘real sector’ while contributing to the development of the financial sector in Russia. We are delighted to start cooperation with Sovcombank, one of the leading banking groups in Russia and in our Region, in supporting business generation capacity and trade in Russia,” said Igor Leshukov, BSTDB Vice President Banking.
"This first deal with the Black Sea Trade and Development Bank will contribute to the further development of international business direction in Sovcombank," said Mikhail Avtukhov, Deputy Chairman and Head of Corporate Investment Block in Sovcombank. "We are pleased to cooperate with such a respected financial institution and are grateful for the vote of confidence."
Since 2015, BSTDB has extended trade finance facilities to Russian banks worth over USD 110 million.
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Sovcombank PJSC is one of the top 20 largest Russian banks (assets: 689 billion roubles in accordance with IFRS). The bank employs 11,500 employees in 2,400 branches and offices located in 1,031 towns of the Russian Federation.
The creditworthiness of Sovcombank is rated by five rating agencies, three of which are foreign and two are national. The Bank's credit ratings on the international scale are: BB-, stable outlook (Standard & Poor's), Вa3, stable outlook (Moody's), ВB-, positive outlook (Fitch Ratings). The Bank's credit ratings on the national scale are: A, stable outlook (ACRA), ruA, stable outlook (Expert RA).
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 are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org
Press contacts:
SOVCOMBANK
Anton Zapolski
Phone: +7 495 988 93 70 ext. 22672
Email: ZapolskiyAE@sovcombank.ru
BSTDB
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org