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ZAO Raiffeisenbank USD 1 billion Syndicated Term Loan facility

On April 30, 2008 in Moscow, ZAO Raiffeisenbank signed an agreement, under which it is to receive a two-year syndicated loan in the amount of USD 1 bn at LIBOR + 0.65% per annum. The funds are to be used for corporate development, including but not limited to financing trade contracts of the Bank's clients.

The syndicate organizers are 11 leading financial institutions: The Bank of Tokyo-Mitsubishi, Barclays Capital, Bayerische Landesbank, Citibank, Deutsche Bank, Intesa Sanpaolo Bank Ireland, Landesbank Baden-Wurttemberg, Mizuho Corporate Bank, UniCredit Group, Wachovia Bank and WestLB AG. The syndicate also includes 13 foreign banks.

Raiffeisenbank's CEO Johann Jonach commented on the transaction: Organizing this transaction would have been challenging even in calmer times on the debt market. This loan is the largest syndicated transaction for a Russian financial institution since the global liquidity crunch began in August 2007. It is also the biggest syndicated loan ever received by a member bank of the Raiffeisen International network in Central and Eastern Europe. We view the success of the transaction as a sign of the high trust that foreign investors place in us.

The original amount of the syndicated loan, witch was announced to the markets in March was USD 850 mln. However, the market's strong interest in the transaction made it possible to increase the initial amount, resulting in oversubscription and a final sum of USD 1 bn. The loan is the second-largest ever for a Russian financial institution.

Sergei Monin, a member of the Bank's management board, remarked: Without question, this is a very successful transaction. It shows the syndicated loans market remains open to reliable borrowers, including financial organizations, and is an effective alternative to the Eurobonds market. Working with the organizers, we managed to form a credit pool in record time for an amount significantly higher than originally forecast. Moreover, despite the global growth of the cost of credit, the Bank raised finance at the best possible level on top of the basic interest rate.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. It 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). Also according to Interfax-CEA, 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 Europes growth region are covered by subsidiary banks, finance leasing companies and a number of other financial service providers. About 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 countrys largest banking group.


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