BSTDB Expands Local Currency Financing in Russia
Press Release | 13-Sep-2019
The Black Sea Trade and Development Bank (BSTDB) has provided a RUB 2.5 billion trade finance facility to Sovcombank, a leading Russian commercial bank, to fund its business program supporting foreign trade activities of its corporate clients.
Sovcombank became the second Russian commercial bank receiving a Ruble-denominated financing from BSTDB, after Center-invest bank based in the southern region of Rostov.
“We are happy to strengthen cooperation with Sovcombank with another trade finance facility, now in the local currency, which reflects BSTDB’s strategic priorities in the Russian Federation to develop local currency financing to promote export potential and the SME sector development,” said Hasan Demirhan, BSTDB Vice President Banking.
“BSTDB remains one of our long-standing and most reliable partners, and we are really satisfied with the level of cooperation we have reached,” said Mikhail Avtukhov, Deputy Chairman of the Management Board and Head of Corporate & Investment Banking.
BSTDB provided a USD 25 million trade finance loan to Sovcombank in 2018. The total amount of BSTDB financing provided to Sovcombank has exceeded USD 100 million.
Sovcombank PJSC is a leading Russian privately owned commercial bank currently ranking 12 by the size of assets. The Bank offers a full range of banking services to individual and corporate clients through its 2431 branches and offices in 1027 towns of the Russian Federation, the largest network among Russian private banks. Sovcombank is rated BB by Fitch and BB- by S&P, both with positive outlook, and Вa3 by Moody's. More information is available at www.sovcombank.com
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 contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org
Twitter: @BSTDB
