On June 18, the term of a syndicated loan to LOKO Bank for RUR900mn was successfully extended, with ZAO Raiffeisenbank and VTB serving as loan organizers.
The loan was extended for one year at a rate of 11.5%.
In addition to the organizers, the syndicate includes Zenit Bank, Melli Iran Bank, Russian Development Bank and Khanty-Mansiisk Bank (co-organizers); as well as Yapy Kredi Bank Moscow and Zapsibkombank (managers).
«This transaction confirms the bank's strong position as a reliable borrower on the Russian syndicated loan market capable of raising financing even when market conditions are unfavorable,» said LOKO Bank Deputy CEO Mikhail Pavlov.
LOKO Bank was formed in 1994 and is currently one of Russia's Top 100 banks in terms of capital. The bank has branches in Moscow and 26 Russian regions specializing in loans to SMEs.
The bank has long-term credit ratings of B from Fitch Ratings and В2 from Moody's (forecast stable).
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 1Q 2008 results (Interfax-CEA). Raiffeisenbank is ranked 8th in terms of corporate lending based on 1Q 2008 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 1Q 2008 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.