Press Releases

All news


VAO Inturist raises USD 50 mln loan

VAO Inturist announced the closing of a club-loan transaction, under which it raised USD 50 mln. Moscow-based OOO HSBC Bank (RR) and ZAO Raiffeisenbank acted as the lead arrangers, with HSBC Bank plc as the documentary agent. The term to maturity is three years and the margin ranges from 5%-5.25% annual, depending on the Total debt/OIBDA ratio.

According to Marina Zabolotneva, VAO Inturist's vice president for finance and investment, the transaction is in line with the development strategy and financial policy of Inturist Group. The funds raised are to be used for general corporate purposes, including the financing of current operations, capital expenses relating to hotel construction projects and, possibly, M&A transactions.

«Given the current market conditions, banks are providing various types of financing to their strategic customers,» said Peter Hughan, head of corporate and institutional banking for OOO HSBC Bank (RR), adding: «A club deal is the best solution for VAO Inturist, and we hope the transaction will enhance our work with Inturist and the AFK Sistema group generally.»

«This transaction is another important milestone in the development of our cooperation with AFK Sistema and VAO Inturist. We value highly the opportunity to work with member companies of AFK Sistema and VAO Inturist. We are aware of the far-reaching goals these companies pursue and hope the banking services we offer will contribute significantly to the achievement of those goals,» said Raiffeisenbank's deputy CEO Pavel Gurin.

VAO Inturist

VAO Inturist was founded in 1929. Currently, Inturist Group is a vertically integrated tourism holding that consists of management company VAO Inturist and four business divisions involved in tourism, hospitality, retail travel marketing, and transportation services. VAO Inturist's territory comprises 80 regions of Russia. The company works with 7,000 partners in 168 countries worldwide.

HSBC Holdings plc

HSBC Holdings plc serves over 128 million customers through 10,000 business outlets in 83 countries in Europe, Asia Pacific, the Americas, the Middle East and Africa. With total assets of USD 2.35 bln as of December 31, 2007, HSBC ranks among the major global providers of banking and finance services. HSBC’s motto is «The world's local bank.»

HSBC Russia

HSBC Group is a major global provider of banking and financial services. OOO HSBC Bank (RR), an affiliate of HSBC Group member HSBC Bank plc, has worked on the Russian market since 1996, offering a wide range of corporate and investment banking products for financial institutions and foreign and domestic companies operating in Russia. Earlier this year, OOO HSBC Bank (RR) resolved to increase its capital by USD 200 mln to support further business development in Russia.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 2007 results (Interfax-CEA). Raiffeisenbank is ranked 7th in terms of corporate lending based on 2007 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 2007 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europe’s growth region are covered by subsidiary banks, finance leasing companies, a representative office and a number of other financial service providers. Over 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.


Press Сenter

Tel.: +7 495 721-36-17


Marketing department


Information center

Tel.: +7 495 721-91-00

In English
+7 495 721-91-00
For Life
For Business
For Life
For Business