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Russia's Raiffeisenbank provides financing to subsidiary Eurasia Drilling Company Limited

Raiffeisenbank and subsidiary Eurasia Drilling Company Limited have signed an agreement according to which the bank has provided a USD 220 mln facility to the company.

This five-year facility bears a 5.65% interest, with no principal repayments during the first two years.

Financing of oil companies is one of the priority lines of the Banks activities, comments Oxana Panchenko, member of ZAO Raiffeisenbanks management board and head of corporate banking and corporate financing directorate. We realize the increasing significance of presence in the segment of commercial lending, and we are convinced that we can offer competitive terms. We hope this facility will allow the company to meet its targets effectively and to achieve the planned financial results.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on 2010 results (Interfax-CEA).

Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. Around 60,000 employees service about 14 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the worlds financial centres and in Asia, the groups further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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