BSTDB Strengthens Partnership with Sovcombank to Fuel Russia’s Foreign Trade
Press Release | 30-Jun-2021
The Black Sea Trade and Development Bank (BSTDB) is strengthening its partnership with Russian systemic Sovcombank, a leading commercial bank offering trade financing to Russian manufacturers and exporters. A new tranche of USD 60 million adds to the total of USD 170 million and RUR 8.5 billion extended by BSTDB to Sovcombank since the start of cooperation in 2017 to meet the demand of local corporate clients.
“Developing strategic partnerships with leading financial institutions in member countries is essential for the implementation of BSTDB’s mandate in areas where we are not in a position to efficiently bring our financing directly to end users, such as SMEs and other corporate borrowers. Our cooperation with Sovcombank is an excellent example of such partnership which allows to combine our strengths and comparative advantages to the benefit of Russian exporters and real sector businesses engaged in international trade. We are looking forward to develop further this successful collaboration to jointly support Russian corporate sector in its post-pandemic recovery” - said Dmitry Pankin, BSTDB President.
“We are all more than happy to continue to successfully work together with BSTDB now that the economy is rebounding after the COVID-19 outbreak. The new loan from the BSTDB will be used to finance Russian manufacturers and industrial businesses, and we hope that this will help them out after the last year’s recession, so that they are able to regain the pre-pandemic performances”, - said Dmitry Gusev, Sovcombank Chairman.
Sovcombank PJSC, a leading Russian privately owned commercial bank, currently ranking 9th largest in Russia by total assets and recognized by the Central Bank of the Russian Federation as a systemically important bank. 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+/Stable by Fitch, Вa1/Stable by Moody's and BB/Positive by S&P. 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, Turkey, 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, “A2” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax